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Senate Bill 0321

Senate Bill 0321

ARCHIVE (2012)

Latest Information

DIGEST OF SB 321 (Updated February 16, 2012 11:12 am - DI 113)

Transportation and logistics income tax credit. Provides an income tax credit for new expenditures made before January 1, 2018, by a taxpayer for expenditures related to a project that will substantially enhance the logistics industry, create new jobs, preserve existing jobs that otherwise would be lost, increase wages in Indiana, and improve the overall Indiana economy. Specifies that covered expenditures include those for real property improvements related to a transportation or logistical distribution facility, improving the transportation of goods on Indiana highways, rail, water, and air, improving warehousing and logistical capabilities, and implementing required federal homeland security measures. Requires the Indiana economic development corporation (IEDC) to approve the credit . Requires the IEDC to make determinations in the award of the credit. Requires the taxpayer to enter into an agreement with the IEDC that covers the benefits of the project, the expected performance by the taxpayer, and the credit amount. Requires reports by the taxpayer to the IEDC and requires the IEDC to monitor the performance of the taxpayer. Provides that the amount of the approved credit for a taxable year may not exceed: (1) 25%; multiplied by (2) the amount of the new qualified expenditures made by the taxpayer during the taxable year. Limits the credit that may be claimed for a taxable year to the taxpayer's state tax liability for that taxable year. Allows the taxpayer to carry over any unused credit for nine years. Provides that the credit may not be refunded, carried back, or transferred to another taxpayer. Limits the credit to $20,000,000 for each state fiscal year. Requires the department of state revenue to annually report to the state budget committee concerning the use of the credit, including summary information and the name and address of each taxpayer claiming the credit and the credit amount claimed by each taxpayer. Requires the IEDC to report to the general assembly regarding the credit.
    Current Status:
    In Committee - 2nd House
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