January 16, 2004





HOUSE BILL No. 1024

_____


DIGEST OF HB 1024 (Updated January 15, 2004 1:35 pm - DI 92)



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.






January 16, 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.
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HOUSE BILL No. 1024



    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)HB1024.1.1. -->     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.