February 13, 2004




DIGEST OF HB 1024 (Updated February 12, 2004 11:34 am - DI 44)

Citations Affected: IC 6-3.1.

Synopsis: Industrial recovery tax credit. Reduces the minimum size required for a building to be eligible for the industrial recovery tax credit from 300,000 to 250,000 square feet.

Effective: July 1, 2004.

Heim, Frenz, Espich, Austin

    December 4, 2003, read first time and referred to Committee on Ways and Means.
    January 15, 2004, reported _ Do Pass.
    February 4, 2004, read second time, ordered engrossed. Engrossed.
    February 5, 2004, read third time, passed. Yeas 95, nays 0.


    February 9, 2004, read first time and referred to Committee on Finance.
    February 12, 2004, reported favorably _ Do Pass.

February 13, 2004

Second Regular Session 113th General Assembly (2004)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
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    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-3.1-11-15; (04)EH1024.1.1. -->     SECTION 1. IC 6-3.1-11-15 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 15. As used in this chapter, "vacant industrial facility" means a tract of land on which there is located a plant that:
        (1) has at least three two hundred fifty thousand (300,000) (250,000) square feet of floor space;
        (2) was placed in service at least twenty (20) years ago; and
        (3) has been vacant for two (2) or more years, unless the tract and the plant are owned by a municipality or a county, in which case the two (2) year requirement does not apply.