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Senate Bill 0333


Senate Bill 0333

ARCHIVE (2001)

Latest Information

 

DIGEST OF SB 333 (Updated April 12, 2001 12:48 AM - DI 44)


State and local finance. Authorizes the Indiana development finance authority (IDFA) to make loans and loan guaranties and to issue bonds for certain industrial development projects. Authorizes the board for depositories to buy bonds issued by IDFA for certain purposes or to make loans or loan guaranties to IDFA under certain conditions. Provides a credit against a taxpayer's state tax liability for certain qualified capital investments made in Shelby County. Provides that the amount of the credit is equal to 14% of the amount of the qualified investment. Requires the department of commerce to certify the investments as being eligible for the credit. Provides that if a taxpayer receives a credit and does not make the qualified investment for which the credit was granted within the time required, the department of commerce may require the taxpayer to repay the additional amount of state tax liability that would have been paid by the taxpayer if the credit had not been granted, plus interest. Provides a five year credit against state tax liability for a percentage of property taxes paid by rerefined lubrication oil facilities. Requires the department of commerce to determine if the taxpayer is entitled to the credit.
    Current Status:
     In Conference Committee
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