HB 1409-1_ Filed 01/27/2005, 12:53
Your Committee on Commerce, Economic Development and Small Business , to which
was referred House Bill 1409 , has had the same under consideration and begs leave to
report the same back to the House with the recommendation that said bill be amended as
SOURCE: Page 1, line 9; (05)AM140901.1. -->
Page 1, strike lines 9 through 14.
Page 1, line 15, strike "(4)" and insert " (2)".
Page 2, line 2, strike "(5)" and insert " (3)".
Page 2, line 13, strike "(6)" and insert " (4)".
Page 2, line 15, strike "(7)" and insert " (5)".
Page 2, line 21, strike "(8)" and insert " (6)".
Page 2, line 25, strike "(9)" and insert " (7)".
Page 2, line 28, strike "(10)" and insert " (8)".
Page 2, line 32, strike "(11)" and insert " (9)".
Page 2, line 41, strike "(12)" and insert " (10)".
Page 3, line 19, strike "In the".
Page 3, strike lines 20 through 23.
Page 3, after line 23, begin a new paragraph and insert:
SOURCE: IC 6-3.1-13-19.5; (05)AM140901.3. -->
"SECTION 3. IC 6-3.1-13-19.5 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 19.5. (a) In the case of
a credit awarded for a project to retain existing jobs in Indiana, the
board shall enter into an agreement with an applicant that is awarded a
credit under this chapter. The agreement must include all of the
(1) A detailed description of the business that is the subject of the
(2) The duration of the tax credit and the first taxable year for
which the credit may be claimed.
(3) The credit amount that will be allowed for each taxable year.
(4) A requirement that the applicant shall maintain operations at
the project location for at least two (2) times the number of years
as the term of the tax credit. An applicant is subject to an
assessment under section 22 of this chapter for noncompliance
with the requirement described in this subdivision.
(5) A requirement that the applicant shall annually report the
following to the board:
(A) The number of employees who are employed in Indiana by
(B) The compensation (including benefits) paid to the
applicant's employees in Indiana.
(C) The amount of the:
(i) facility improvements;
(ii) equipment and machinery upgrades, repairs, or retrofits;
(iii) other direct business related investments, including
(6) A requirement that the applicant shall provide written
notification to the director and the board not more than thirty (30)
days after the applicant makes or receives a proposal that would
transfer the applicant's state tax liability obligations to a successor
(7) A requirement that the chief executive officer of the company
applying for a credit under this chapter must verify under penalty
of perjury that the disparity between projected costs of the
applicant's project in Indiana compared with the costs for the
project in a competing site is real and actual.
Any other performance conditions that the board
determines are appropriate.
(b) An agreement between an applicant and the board must be
submitted to the budget committee for review and must be approved by
the budget agency before an applicant is awarded a credit under this
chapter for a project to retain existing jobs in Indiana.".
Renumber all SECTIONS consecutively.
(Reference is to HB 1409 as introduced.)
and when so amended that said bill do pass.
AM140901/DI 103 2005