April 15, 2011
ENGROSSED
HOUSE BILL No. 1005
_____
DIGEST OF HB 1005
(Updated April 12, 2011 1:17 pm - DI 58)
Citations Affected: IC 6-3.1.
Synopsis: Industrial recovery tax credit. Makes certain changes to the
industrial recovery income tax credit. Reduces the number of years,
from 20 to 15, in which a vacant industrial facility must have been in
service. Reduces the percentage of a facility, from 75% to 50%, that
must not be utilized in order for the facility to be considered vacant.
Reduces, from two years to one year, the time that a facility must be
vacant. Reduces the maximum amount of floor space, from 250,000
square feet to 100,000 square feet, that a vacant industrial facility may
have to qualify.
Effective: January 1, 2011 (retroactive).
Clere, Bosma, Yarde
, Cheatham
(SENATE SPONSORS _ CHARBONNEAU, HERSHMAN, ARNOLD,
GROOMS, TOMES, RANDOLPH)
January 12, 2011, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
February 10, 2011, amended, reported _ Do Pass.
February 14, 2011, read second time, ordered engrossed.
February 15, 2011, engrossed. Read third time, passed. Yeas 93, nays 0.
SENATE ACTION
February 17, 2011, read first time and referred to Committee on Tax and Fiscal Policy.
April 14, 2011, amended, reported favorably _ Do Pass.
April 15, 2011
First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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ENGROSSED
HOUSE BILL No. 1005
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 6-3.1-11-1; (11)EH1005.1.1. -->
SECTION 1. IC 6-3.1-11-1 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2011 (RETROACTIVE)]:
Sec. 1. As used in this chapter, "applicable percentage" means the
percentage determined as follows:
(1) If a plant that is located on an industrial recovery site was
placed in service at least
twenty (20) fifteen (15) years ago but
less than thirty (30) years ago, the applicable percentage is fifteen
percent (15%).
(2) If a plant that is located on an industrial recovery site was
placed in service at least thirty (30) years ago but less than forty
(40) years ago, the applicable percentage is twenty percent (20%).
(3) If a plant that is located on an industrial recovery site was
placed in service at least forty (40) years ago, the applicable
percentage is twenty-five percent (25%).
The time that has expired since a plant was placed in service shall be
determined as of the date that an application is filed with the board for
designation of the location as an industrial recovery site under this
chapter.
SOURCE: IC 6-3.1-11-14; (11)EH1005.1.2. -->
SECTION 2. IC 6-3.1-11-14 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2011 (RETROACTIVE)]:
Sec. 14. As used in this chapter, "vacant" means with respect to a plant
that at least seventy-five fifty percent (75%) (50%) of the plant placed
in service is not used to carry on production, manufacturing, assembly,
processing, refining, finishing, or warehousing of tangible personal
property.
SOURCE: IC 6-3.1-11-15; (11)EH1005.1.3. -->
SECTION 3. IC 6-3.1-11-15 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2011 (RETROACTIVE)]:
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 two hundred fifty thousand (250,000) one
hundred thousand (100,000) square feet of floor space;
(2) was placed in service at least twenty (20) fifteen (15) years
ago; and
(3) has been vacant for two (2) or more years, at least one (1)
year, unless the tract and the plant are owned by a municipality
or a county, in which case the two (2) one (1) year requirement
does not apply.
SOURCE: ; (11)EH1005.1.4. -->
SECTION 4.
An emergency is declared for this act.