A bill authored by State Senator Brian Buchanan, who represents Lebanon and the surrounding areas, to increase capital investment in businesses in rural Indiana passed the Indiana Senate today, Feb. 19 with a vote of 47-2 with bipartisan support.
Senate Bill 346, if passed, would grant a tax credit to an investor who provides capital for companies for projects in rural areas of the state or small towns.
“Rural communities are the backbone of Indiana’s heritage,” Buchanan said. “SB 346 would give small and rural towns across the state access to necessary capital investment for needed economic growth.”
The money given to investment companies would be deposited into a rural business growth fund, which could then be utilized to help finance projects throughout Indiana.
“As someone who lives in rural Indiana, I’ve seen firsthand the need to invest in these areas of the state,” Buchanan said. “I’m happy to see SB 346 pass the Senate and look forward to working on the bill with my colleagues as it continues to move through the legislative process.”
Senate Bill 346 now moves to the House of Representatives for further consideration.
Buchanan encouraged residents of Senate District 7 to contact him with any questions or comments they may have regarding the bill or other legislation. Buchanan may be reached by filling out a “Contact Me” form online at www.IndianaSenateRepublicans.com/Buchanan or by calling 800-382-9467.
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