§ 6-3.1-13-15.5 — Agreement for tax credit with respect to job retention; conditions

Indiana § 6-3.1-13-15.5

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 13: Economic Development for a Growing Economy Tax

Text

5. This section applies to an application
proposing to retain existing jobs in Indiana. After receipt of an
application, the corporation may enter into an agreement with the
applicant for a credit under this chapter if the corporation determines
that all the following conditions exist:
(1) The applicant's project will retain existing jobs performed by
the employees of the applicant in Indiana.
(2) The applicant is engaged in research and development,
manufacturing, or business services, according to the NAICS
Manual of the United States Office of Management and Budget.
(3) The average compensation (including benefits) provided to the
applicant's employees during the applicant's previous fiscal year
exceeds the greater of the following:
(A) If there is more than one (1) business in the same NAICS
industry sector as the applicant's business in the county in
which the applicant's business is located, the average
compensation paid during that same period to all employees
working in that NAICS industry sector in that county multiplied
by one hundred five percent (105%).
(B) If there is more than one (1) business in the same NAICS
industry sector as the applicant's business in Indiana, the
average compensation paid during that same period to all
employees working in that NAICS industry sector throughout
Indiana multiplied by one hundred five percent (105%).
(C) The compensation for that same period corresponding to the
federal minimum wage multiplied by two hundred percent
(200%).
(4) For taxable years beginning before January 1, 2010, the
applicant employs at least thirty-five (35) employees in Indiana.
(5) The applicant has prepared a plan for the use of the credits
under this chapter for:
(A) investment in facility improvements or equipment and
machinery upgrades, repairs, or retrofits; or
(B) other direct business related investments, including but not
limited to training.
(6) Receiving the tax credit is a major factor in the applicant's
decision to go forward with the project, and not receiving the tax
credit will increase the likelihood of the applicant reducing jobs
in Indiana.
(7) Awarding the tax credit will result in an overall positive fiscal
impact to the state, as certified by the budget agency using the
best available data.
(8) The applicant's business and project are economically sound
and will benefit the people of Indiana by increasing or
maintaining opportunities for employment and strengthening the
economy of Indiana.
(9) The communities affected by the potential reduction in jobs or
relocation of jobs to another site outside Indiana have committed
local incentives with respect to the retention of jobs in an amount
determined by the corporation. For purposes of this subdivision,
local incentives include, but are not limited to, cash grants, tax
abatements, infrastructure improvements, investment in facility
rehabilitation, construction, and training investments.
(10) The credit is not prohibited by section 16 of this chapter.
(11) If the business is located in a community revitalization
enhancement district established under IC 36-7-13 or a certified
technology park established under IC 36-7-32, the legislative
body of the political subdivision establishing the district or park
has adopted an ordinance recommending the granting of a credit
amount that is at least equal to the credit amount provided in the
agreement.

Legislative History

As added by P.L.178-2002, SEC.45. Amended by P.L.4-2005, SEC.72; P.L.197-2005, SEC.5; P.L.137-2006, SEC.4; P.L.110-2010, SEC.15.