Skip to main content
House Bill 2130


House Bill 2130

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB 2130 (Updated April 29, 2001 5:03 PM - DI 101)


Enterprise zones. Provides that a person who resides in an enterprise zone and is an employee of a nonprofit entity or local, state, or federal government is eligible for the qualified employee wage deduction. Extends from December 31, 2003, to December 31, 2015, the date beyond which the state enterprise zone board is prohibited from adding new enterprise zones. Specifies that the designation of an enterprise zone in a municipality in which a previously designated zone has expired does not count against the limit allowing only two new enterprise zones to be designated each year. Provides that if an enterprise zone business does not file the required verified summary of tax credits and tax exemptions claimed during the preceding year before the June 1 deadline and does not file for an extension, the zone business waives those credits and exemptions unless it pays, before July 16, a penalty equal to 15% of the credits and exemptions provided during the preceding year. Specifies that high technology business operations are eligible for a 5% enterprise zone investment cost credit. Eliminates the expiration clauses of the individual development accounts program. Expands the authorized uses of the individual development account to include: (1) reducing the principal amount owed on a primary residence that was purchased with money from an individual development account; and (2) expanding existing small businesses. Specifies that a qualified individual may use the account funds to pay for tuition, laboratory costs, books, and computer costs at an accredited institution of higher education, vocational school, or licensed or accredited training program. Provides that a qualified individual includes a member of a household with an annual household income of less than 175% of the federal income poverty level. (Current law provides for a limit of 150% of the poverty level.) Allows the funds of an individual development account to be rolled over into an Indiana family college savings program account. Reduces the maximum tax credits to $200,000.
Current Status:
 Law Enacted
>Latest Printing > (PDF)