Introduced
by
To authorize a refundable or carry-forwardable income tax credit equal to 20 percent of the losses incurred by a taxpayer who invests in a “community-based seed capital fund” that itself invests in certain businesses designated by a government "Capital Investment Board," are engaged in certain “technology” related activities, and are not in the retail, real estate, or health care business. Up to $10 million in tax credits could be granted, with no recipient getting more than $250,000.
Referred to the Committee on Finance
Referred to the Committee on Commerce and Labor
Amendment offered
To replace the previous version of the bill with one that makes the tax credit non-refundable or carry-forwardable, and revises other technical details.
Consideration postponed
Substitute offered
To replace the previous version of the bill with one in which the tax credits are not refundable or carry-forwardable.
The substitute passed by voice vote
Passed in the Senate 33 to 5 (details)
To authorize an income tax credit equal to 20 percent of the losses incurred by a taxpayer who invests in a “community-based seed capital fund” that itself invests in certain businesses designated by a government "Capital Investment Board," are engaged in certain “technology” related activities, and are not in the retail, real estate, or health care business. Up to $10 million in tax credits could be granted, with no recipient getting more than $250,000.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the bill be referred to the Committee on Commerce.
