Indiana Proposes NMTC Program
Indiana State Reps. Suzanne Crouch (R) and Peggy Welch (D) last week introduced H.B. 1248 to create the New Markets Job Growth Tax Credit. The program would provide a state tax credit equal to 39 percent of the purchase price of a qualified investment, which the bill limits to $10 million per transaction. The bill states that the applicable percentage is 0% for the first and second credit allowance dates, 7% for the third credit allowance date, and 8% for the fourth, fifth, sixth, and seventh credit allowance dates. H.B. 1248 also provides for a $20 million annual program cap and a five-year carryforward period. If enacted, the program would take effect in 2013. Representative Crouch serves as Vice-Chairman of the House Ways & Means Committee, to which the measure has been referred. As of January 20, 2012 the legislation has yet be considered by its committee of referral.
To view HB 1248, click here.
IRS Revises Procedures for Providing Temporary Relief for Victims of Major Disasters
IRS recently released Revenue Procedure 2014-49 to make revisions to Revenue Procedure 2007-54 which established temporary relief from certain requirements of Section 42 of the Internal Revenue Code for owners and agencies located in areas affected by major disasters.