Senate Bill
SB 346
Rural business growth.
In plain English
Creates a state tax credit for certain capital investments made in rural funds. Requires a rural fund to apply to the Indiana economic development corporation for approval and pay a $5,000 application fee that is not refundable. Sets a yearly cap on credits, allows the state to take back credits in some cases, and requires annual reports.
Written by AI from the official digest below, and checked only by automated rules. If they differ, the official digest and bill text control.
Official digest
Establishes a state tax credit (credit) for certain capital investments made in rural funds. Establishes procedures for a rural fund to apply to the Indiana economic development corporation (IEDC) for certification of a capital investment as eligible for a credit provided by the bill. Requires a rural fund to pay a nonrefundable application fee of $5,000 to the IEDC. Provides that the credit is an amount equal to: (1) the applicable percentage for the credit allowance date; multiplied by (2) the purchase price paid to the rural fund for the capital investment. Sets forth the maximum annual amount of credits that may be certified. Provides that the credit is subject to recapture. Requires a rural fund that has received a credit to submit reports on an annual basis to the IEDC over the credit allowance period.
Latest action: Representative Commons added as cosponsor, March 13, 2025Full text and history at iga.in.gov
Authors and sponsors
Brian Buchanan, Mike Gaskill, Linda Rogers, Shane Lindauer
Co-authors and co-sponsors: Daryl Schmitt, Jack Jordan, Jeff Thompson, Matt Commons
Roll-call votes
1 recorded vote, oldest first. Third-reading votes decide whether a bill passes a chamber; amendment votes and procedural motions are listed too.
Senate · Feb 18, 2025
Third reading: vote to pass
Roll call text: SB 346 - Buchanan - 3rd Reading
Passed
47 yes2 no1 did not vote
Republicans: 39 yes, 0 noDemocrats: 7 yes, 2 no, 1 did not voteNot matched to a current member: 1 yes, 0 no
How each member voted
Yes (47)
- Aaron Freeman (R)
- Blake Doriot (R)
- Brett Clark (R)
- Brian Buchanan (R)
- Chris Garten (R)
- Cyndi Carrasco (R)
- Dan Dernulc (R)
- Daryl Schmitt (R)
- David Niezgodski (D)
- Ed Charbonneau (R)
- Eric Bassler (R)
- Eric Koch (R)
- Fady Qaddoura (D)
- Gary Byrne (R)
- Greg Goode (R)
- Greg Taylor (D)
- Greg Walker (R)
- Jean Leising (R)
- Jeff Raatz (R)
- Jim Buck (R)
- Jim Tomes (R)
- Justin Busch (R)
- Kyle Walker (R)
- La Keisha Jackson (D)
- Linda Rogers (R)
- Liz Brown (R)
- Lonnie Randolph (D)
- Mark Spencer (D)
- Michael Crider (R)
- Mike Bohacek (R)
- Mike Gaskill (R)
- Mike Young (R)
- Randy Maxwell (R)
- Rick Niemeyer (R)
- Rod Bray (R)
- Ron Alting (R)
- Ryan Mishler (R)
- Scott Alexander (R)
- Scott Baldwin (R)
- Shelli Yoder (D)
- Spencer Deery (R)
- Stacey Donato (R)
- Sue Glick (R)
- Travis Holdman (R)
- Tyler Johnson (R)
- Unknown member
- Vaneta Becker (R)
No (2)
- Andrea Hunley (D)
- Rodney Pol (D)
Did not vote (1)
- J.D. Ford (D)
Source: Open States, compiled from the Indiana General Assembly's official roll calls. The official record at iga.in.gov controls. Spot an error? Let us know.