Senate Bill 0337
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DIGEST OF INTRODUCED BILL
Tax credit for new machinery. Authorizes the economic development for a growing economy board to award an income tax credit for the purchase of new manufacturing machinery and equipment that fosters job retention in Indiana. Authorizes the board to determine the amount of the credit, which may be expressed as a percentage of the purchase price of the new machinery. Provides that the duration of the credit may not exceed ten years. Authorizes the board to increase the amount of the credit for machinery installed in a city having a population over 50,000, certain economically distressed counties, or a city, county, or town experiencing the closing or downsizing of a major employer. Requires a taxpayer awarded a tax credit to agree to maintain operations at the project location for at least two times the number of years as the term of the tax credit.
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| ||In Committee - first House|