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Senate Bill 0001

Senate Bill 0001

ARCHIVE (2003)

Latest Information


Economic development. Authorizes the use of state tax revenue, exceeding a base allocation amount, to be used for payments of bonds issued, loans entered into, or leases entered into for an industrial development project in a distressed area. Provides that the same definition of distressed area be used for programs involving industrial development projects and the growth investment program fund. Exempts purchases of equipment for research and development in biotechnology, advanced manufacturing, information technology, or 21st century logistics from gross retail and use taxes. Increases the research expense credit to 20% of research expenses and makes the credit permanent. Provides a state tax credit to a small business equal to: (1) 30% of the depreciable cost of certain property placed in service in a trade or business conducted by the small business when the small business places property in service in Indiana; or (2) 30% of the employee expenses incurred for new employees when the small business adds at least five jobs to the Indiana workforce. Establishes a 15% technology commercialization tax credit against state tax liability for expenses incurred to commercialize technology developed in Indiana. Expands the authority of the Indiana port commission to finance and operate projects other than port projects on Lake Michigan, the Ohio River, or the Wabash River.
    Current Status:
    In Committee - first House
    Latest Printing (PDF)