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Senate Bill 0244

Senate Bill 0244

ARCHIVE (2013)

Latest Information

DIGEST OF SB 244 (Updated March 13, 2013 4:49 pm - DI 51)

Hoosier business investment income tax credit. Adds logistics investments as a specific type of qualified investment under the Hoosier business investment tax credit. Specifies in detail the expenditures that qualify as a logistics investment. Requires the Indiana economic development corporation to find that an applicant's logistics investment project will enhance the logistics industry by creating new jobs, preserving existing jobs that otherwise would be lost, increasing wages in Indiana, or improving the overall Indiana economy in order to approve the applicant's project for a tax credit. Makes conforming changes to the credit application and agreement provisions. Provides that the percentage credit maximum is 25% (instead of 10%) if a qualified investment is a logistics investment. Provides that for logistics investments, the qualified investments used to determine the credit are based on growth in qualified investments by the taxpayer using 105% of the investments made by the taxpayer during the immediately preceding two years. Adds a $50,000,000 state fiscal year ceiling for tax credits that are not based on logistics investments. Provides a $10,000,000 state fiscal year ceiling for tax credits that are based on logistics investments. Requires the department of state revenue to annually report to the budget committee on the use of the tax credit for logistics investments. Permits the office of community and rural affairs to designate an applicant rural county as a rural entrepreneurship area development incentives area. Provides for the distribution of adjusted gross income taxes annually paid by employees working in an area for a new business or annually paid by additional employees in an existing business and by the new business itself to the rural county for the development of new business opportunities in the rural county, including transfers to local or regional venture capital funds. Limits the amount that may be distributed to a particular county in any year to $250,000. Requires a matching local grant from county economic development income tax funds to qualify for a distribution. Limits the number of counties that may receive funds for a rural entrepreneurship area development territory to 30. Appropriates money collected from counties with a rural entrepreneurship area development territory for distribution to those counties.
    Current Status:
    In Committee - 2nd House
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