House Bill 1006
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DIGEST OF INTRODUCED BILL
Economic development tax incentives. Changes the minimum personal property tax depreciation floor from 30% to 15%. Makes permanent the authority of local designating bodies to grant certain tax abatements. Allows a designating body in any county to grant tax abatement for new logistical distribution equipment and new information technology equipment. Allows tax abatement to be granted after December 31, 2005. Exempts purchases of research and development equipment from sales tax. Provides that, for purposes of the adjusted gross income tax, business income is apportioned based only on the sales factor. Changes the qualifications for an economic development for a growing economy (EDGE) tax credit to retain existing jobs in Indiana. Increases the maximum amount of venture capital investment tax credits that may be granted in a year from $10,000,000 to $20,000,000. Repeals a provision restricting the time in which a statement of benefits for a tax abatement may be approved. Extends the deadline for creation of tax increment finance (TIF) areas from December 31, 2005, to December 31, 2015.
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| ||In Committee - first House|