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Senate Bill 0414


Senate Bill 0414

ARCHIVE (2005)

Latest Information

 

DIGEST OF SB 414 (Updated April 29, 2005 6:24 pm - DI 113)


EDGE credit applications. Provides that the economic development corporation shall, in evaluating an EDGE credit application to retain existing jobs in Indiana submitted after December 31, 2005, determine whether the average compensation paid by the applicant during the applicant's previous fiscal year exceeds: (1) the average compensation paid to employees working in the same industry sector to which the applicant's business belongs within the county in which the applicant's business is located, if there is more than one business in that industry sector in the county; (2) the average compensation paid to employees working in the same industry sector to which the applicant's business belongs in Indiana, if the applicant's business is the only business in that industry sector in the county in which the applicant's business is located but there is more than one business in that industry sector in Indiana; or (3) twice the federal minimum wage, if the applicant's business is the only business in Indiana in the industry sector to which the applicant's business belongs. In addition, for EDGE credits granted to retain existing jobs: (1) removes the requirement that an applicant provide evidence of a competing job site; (2) reduces the number of employees the applicant must employ from 200 to 75; (3) changes the minimum amount of local incentives to an amount determined by the economic development corporation; and (4) provides that if the business is located in a community revitalization enhancement district or certified technology park, the political subdivision that created the district or park must have adopted an ordinance recommending a credit at least as large as the credit amount awarded by the economic development corporation. Provides that the economic development corporation may, in evaluating an EDGE credit application to create jobs in Indiana after December 31, 2005, consider whether the average wage paid by the applicant exceeds the average wage paid to: (1) all employees working in the same industry sector to which the applicant's business belongs in the county in which the applicant's business is located, if there is more than one business in that industry sector in the county; (2) all employees working in the same industry sector to which the applicant's business belongs in Indiana, if the applicant's business is the only business in that industry sector in the county in which the applicant's business is located but there is more than one business in that industry sector in Indiana; or (3) all employees working in the county in which the applicant's business is located, if the applicant's business is the only business in Indiana in the industry sector to which the applicant's business belongs. Extends the $5,000,000 statewide annual cap on EDGE credits for job retention through the 2006 and 2007 state fiscal years. Requires an applicant for an EDGE credit to agree to maintain operations for at least two years after the last year in which a credit or carryover is claimed (instead of a period twice as long as the term of the tax credit). Provides that a Department of Defense aerospace contractor may elect to calculate the research expense tax credit for a taxable year by multiplying the difference of the taxpayer's qualified research expenses for the taxable year and 50% of the average of the taxpayer's qualified research expenses for the preceding three taxable years by a percentage to be determined by the economic development corporation that may not to exceed 10%.
    Current Status:
     Law Enacted
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