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House Bill 1720


House Bill 1720

ARCHIVE (2007)

Latest Information

 

DIGEST OF HB 1720 (Updated February 14, 2007 2:45 pm - DI 103)


Enterprise zone incentives. Authorizes a municipality to require an enterprise zone business to continue providing assistance to an urban enterprise association that continues operating as a nonprofit corporation following the expiration of the enterprise zone. Authorizes the nonprofit corporation to assign any amount of the assistance received from an enterprise zone business to another nonprofit corporation. Grants the governing body of an allocation area the power to approve or reject an application for an enterprise zone investment deduction claimed for an enterprise zone location that is also within the allocation area. Changes the annual deadline for filing an enterprise zone investment deduction application. Allows a county auditor to grant a 30 day extension for filing for an enterprise zone investment deduction application. Allows an urban enterprise association to waive a failure to file a timely or complete enterprise zone investment deduction application. Allows a taxpayer to claim the enterprise zone investment deduction for property other than property located in a consolidated city an assessment date that occurs after the expiration of the enterprise zone. Increases the amount of the enterprise zone loan interest credit from 5% to 15% of the interest received from qualified loans. Allows trusts, estates, corporations, and pass through entities to claim an enterprise zone investment cost credit. (Current law allows pass through entities to claim the credit only in Vigo County and does not allow trusts, estates, or corporations to claim it in any county.) Establishes the enterprise zone job creation tax credit.
Current Status:
 In Committee - first House
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