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DIGEST OF SB 462 (Updated March 14, 2002 7:56 PM - DI 103)
Property tax benefits for high impact business. Establishes a high impact business commission consisting of the Lafayette common council and the Tippecanoe county council. Allows the commission to designate one business as a high impact business and to grant a property tax credit for the business's inventory for ten years. Requires a business to commit to investing at least $50,000,000 and retaining at least 1,400 jobs at its facilities located in Tippecanoe County and Lafayette to be designated as a high impact business. Requires a high impact business to continue operations at its facilities in the city and the county for at least 20 years and to comply with a statement of benefits to result from its investment. Provides for the termination of the tax credit, the recapture of tax revenues, and penalties for a failure to comply with the statement of benefits or for ceasing operations at those facilities. Provides that the inventory tax refund takes effect after December 31, 2003.
