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Senate Bill 0525


Senate Bill 0525

ARCHIVE (2003)

Latest Information

 

DIGEST OF INTRODUCED BILL


Economic development in closed military bases. Provides the following tax incentives to a business that locates new operations in certain qualified areas that contain a completely or partially inactive or closed military base: (1) A sales tax exemption for sales of utility services or commodities made to the business. (2) An adjusted gross income tax rate of 5% for the year of relocation and the next succeeding four taxable years. Provides a military base investment cost credit against state tax liability for a taxpayer who purchases an ownership interest in or otherwise invests in a business located in a qualified area. Provides that the various tax incentives are not available to the extent that the business substantially reduces or ceases its operations at another location in Indiana in order to relocate them within the qualified area. Increases the enterprise zone loan interest credit from 5% to 15% of the amount of interest received by the taxpayer. Makes the enterprise zone investment cost credit available to a taxpayer that makes an investment: (1) in a business that locates new operations in an enterprise zone; and (2) in which the taxpayer does not acquire an ownership interest in the business.
    Current Status:
     In Committee - first House
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