§ 6-3.1-26-21 — Agreement for credit; contents

Indiana § 6-3.1-26-21

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

Text

The corporation shall enter into an
agreement with an applicant that is awarded a credit under this chapter.
The agreement must include all the following:
(1) A detailed description of the project that is the subject of the
agreement.
(2) The first taxable year for which the credit may be claimed.
(3) The amount of the taxpayer's state tax liability for each tax in
the taxable year of the taxpayer that immediately preceded the
first taxable year in which the credit may be claimed.
(4) The maximum tax credit amount that will be allowed for each
taxable year.
(5) A requirement that the taxpayer shall maintain operations at
the project location for at least ten (10) years during the term that
the tax credit is available.
(6) A specific method for determining the number of new
employees employed during a taxable year who are performing
jobs not previously performed by an employee.
(7) A requirement that the taxpayer shall annually report to the
corporation the number of new employees who are performing
jobs not previously performed by an employee, the average wage
of the new employees, the average wage of all employees at the
location where the qualified investment is made, if the qualified
investment is not being claimed as a logistics investment by the
applicant, and any other information the corporation needs to
perform the corporation's duties under this chapter.
(8) A requirement that the corporation is authorized to verify with
the appropriate state agencies the amounts reported under
subdivision (7), and that after doing so shall issue a certificate to
the taxpayer stating that the amounts have been verified.
(9) This subdivision applies only to a qualified investment that is
not being claimed as a logistics investment by the applicant. A
requirement that the taxpayer shall pay an average wage to all its
employees other than highly compensated employees in each
taxable year that a tax credit is available that equals at least one
hundred fifty percent (150%) of the hourly minimum wage under
IC 22-2-2-4 or its equivalent.
(10) A requirement that the taxpayer will keep the qualified
investment property that is the basis for the tax credit in Indiana
for at least the lesser of its useful life for federal income tax
purposes or ten (10) years.
(11) This subdivision applies only to a qualified investment that
is not being claimed as a logistics investment by the applicant. A
requirement that the taxpayer will maintain at the location where
the qualified investment is made during the term of the tax credit
a total payroll that is at least equal to the payroll level that existed
before the qualified investment was made.
(12) A requirement that the taxpayer shall provide written
notification to the corporation not more than thirty (30) days after
the taxpayer makes or receives a proposal that would transfer the
taxpayer's state tax liability obligations to a successor taxpayer.
(13) Any other performance conditions that the corporation
determines are appropriate.

Legislative History

As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005, SEC.110; P.L.288-2013, SEC.58; P.L.145-2016, SEC.32.