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2012 SESSION

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SB 262 Microenterprise Investment Grant Fund and Program; created.

Introduced by: Adam P. Ebbin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Microenterprise investment grant program.  Creates a grant program for individuals who make a qualified investment in a microenterprise. The amount of the credit shall be 25 percent of an investment in a green business microenterprise or a microenterprise located in a Historically Underutilized Business Zone or 20 percent of an investment in any other microenterprise. An individual may receive a credit up to $12,500. The microenterprise investment grant program is contingent upon an appropriation of general funds effectuating the provisions of the bill.

SUMMARY AS INTRODUCED:

Microenterprise investment tax credits. Creates a tax credit for individuals who make a qualified investment in a microenterprise in tax years beginning on or after January 1, 2012, but before January 1, 2017. The amount of the credit shall be 25 percent of an investment in a green business microenterprise or a microenterprise located in a Historically Underutilized Business Zone or 20 percent of an investment in any other microenterprise. An individual may receive a credit up to $12,500, and the total aggregate amount of credits available in a calendar year is capped at $2.5 million.