§ 5-28-15-7.3 — Annual summary of tax credits and exemptions claimed; extension of time; denial of incentives and disqualification from program for noncompliance

Indiana § 5-28-15-7.3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 15: Enterprise Zones

Text

3. (a) A zone business that claims any of the
incentives available to zone businesses shall, before June 1 of each
year:
(1) submit to the zone U.E.A., on a form prescribed by the zone
U.E.A., a verified summary concerning the amount of tax credits
and exemptions claimed by the zone business in the preceding
year; and
(2) pay the amount specified in section 5.7(b) of this chapter to
the zone U.E.A.
(b) A zone U.E.A. may as provided in this subsection grant one (1)
extension of the time allowed to comply with subsection (a). To qualify
for an extension, a zone business must apply to the zone U.E.A. before
June 1. The application must be in the form specified by the zone
U.E.A. The extension granted by the zone U.E.A. may not exceed
forty-five (45) days.
(c) If a zone business fails to comply with the requirements of
subsection (a) before June 1 (or before July 16 if an extension is
granted under subsection (b)), the zone U.E.A. may:
(1) deny all the tax credit and exemption incentives available to
the zone business because the business was a zone business for
that year; and
(2) disqualify the zone business from further participation in the
enterprise zone program under this chapter until the zone
business:
(A) petitions the zone U.E.A. for readmission to the enterprise
zone program under this chapter; and
(B) pays the amount required under section 5.7(b) of this
chapter.

Legislative History

As added by P.L.146-2018, SEC.8.