§ 6-3.1-26-18 — Agreement for credit; conditions

Indiana § 6-3.1-26-18

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 26: Hoosier Business Investment Tax Credit

Text

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:
(A) raise the total earnings of employees of the applicant in
Indiana; or
(B) substantially 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 the case of a logistics investment being claimed by
the applicant.
(2) The applicant's project is economically sound and will benefit
the people of Indiana by increasing opportunities for employment
and strengthening the economy of Indiana.
(3) 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 result in the applicant not raising the total earnings of
the applicant's employees in Indiana, or other employees in
Indiana in the case of a logistics investment being claimed by the
applicant.
(4) 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.
(5) The credit is not prohibited by section 19 of this chapter.
(6) In the case of a qualified investment that is not being claimed
as a logistics investment by the applicant, the average wage that
will be paid by the taxpayer to its employees (excluding highly
compensated employees) at the location after the credit is given
will be at least equal to one hundred fifty percent (150%) of the
hourly minimum wage under IC 22-2-2-4 or its equivalent.

Legislative History

As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.107; P.L.199-2005, SEC.23; P.L.1-2006, SEC.143; P.L.288-2013, SEC.56.