Senate Bill 0365
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DIGEST OF SB365 (Updated February 5, 2002 5:11 PM - DI 84)
EDGE tax credits. Expands eligibility for the economic development for a growing economy (EDGE) tax credit by making the credit available for projects to retain existing jobs, as well as for projects to create jobs. Eliminates the requirement that an applicant for a job creation credit must verify that the applicant has considered locating the project in at least one other state. Allows a credit for job retention only if the taxpayer: (1) is engaged in research and development, manufacturing, or business services; (2) pays an average compensation that is at least the average compensation paid in the county; (3) plans to use the credit for facility improvements, for equipment and machinery upgrades, repairs, or retrofits, or for other direct business investments, including training; and (4) has at least 100 Indiana employees. For job retention credits, requires affected communities to match at least one dollar of local incentives for every three dollars in EDGE credits.
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