Citations Affected: IC 4-4.
Synopsis: Funding of development in distressed counties. Reduces the
unemployment rate required to qualify a county as a distressed area for
purposes of funding industrial development projects from 2% above the
statewide average to 1.5% above that average. Repeals the expiration
provision in the law providing for funding of industrial development
projects in distressed counties.
Effective: July 1, 2004.
January 8, 2004, read first time and referred to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.
SECTION 1. IC 4-4-10.9-6.1, AS ADDED BY P.L.224-2003,
SECTION 273, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2004]: Sec. 6.1. "Distressed area" means a
county in which:
(1) the average annualized unemployment rate in each of the two (2) calendar years immediately preceding the current calendar year exceeded the statewide average annualized unemployment rate for each of the same calendar years by at least
two one and
five-tenths percent (2%); (1.5%); or
(2) the average annualized unemployment rate in the immediately preceding calendar year was at least double the statewide average annualized unemployment rate for the same period;
as determined by the department of workforce development and published in the report required by IC 4-4-31-1.
SECTION 2. IC 4-4-31-8 IS REPEALED [EFFECTIVE JULY 1, 2004].