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House Bill 1005


House Bill 1005

ARCHIVE (2011)

Latest Information

 

DIGEST OF HB 1005 (Updated April 29, 2011 11:15 am - DI 113)


Industrial recovery tax credit. Makes certain changes to the industrial recovery tax credit (credit). Reduces, for purposes of qualifying for the credit: (1) the number of years, from 20 to 15, in which a vacant industrial facility must have been in service; and (2) from two years to one year the time that a facility must be vacant. Reduces the minimum amount of floor space that a vacant industrial facility may have to qualify for the credit from 250,000 square feet to: (1) 50,000 square feet, for taxable years beginning after December 31, 2010, and beginning before January 1, 2015; or (2) 100,000 square feet, for taxable years beginning after December 31, 2014.
Current Status:
 Law Enacted
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