January 20, 2006



DIGEST OF HB 1074 (Updated January 18, 2006 3:41 pm - DI 103)

Citations Affected: IC 6-3.1; noncode.

Synopsis: Enterprise zone investment cost credit. Provides that trusts, estates, corporations, and pass through entities that make qualified investments in enterprise zone businesses may claim the enterprise zone investment cost credit. (Current law allows only individuals to claim the credit, except in Vigo County where pass through entities are also eligible.)

Effective: January 1, 2007.

Yount, Koch , Klinker , Reske

    January 5, 2006, read first time and referred to Committee on Commerce, Economic Development and Small Business.
    January 19, 2006, reported _ Do Pass. Referred to Committee on Ways and Means pursuant to House Rule 127.

January 20, 2006

Second Regular Session 114th General Assembly (2006)

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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    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 6-3.1-10-4; (06)HB1074.1.1. -->     SECTION 1. IC 6-3.1-10-4 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2007]: Sec. 4. (a) As used in this chapter, "taxpayer" means any: individual that has any state tax liability.
         (1) person;
        (2) corporation; or
        (3) pass through entity;
that has any state tax liability.

    (b) Notwithstanding subsection (a), for a credit for a qualified investment in a business located in an enterprise zone in a county having a population of more than one hundred five thousand (105,000) but less than one hundred ten thousand (110,000), "taxpayer" includes a pass through entity.
SOURCE: ; (06)HB1074.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2007] IC 6-3.1-10-4, as amended by this act, applies to taxable years beginning after December 31, 2006.