February 11, 2011





HOUSE BILL No. 1005

_____


DIGEST OF HB 1005 (Updated February 10, 2011 11:26 am - DI 113)



Citations Affected: IC 6-3.1.

Synopsis: Industrial recovery tax credit. Makes certain changes to the industrial recovery income tax credit (IRITC). Reduces the number of years, from 20 to 15, in which a vacant industrial facility must have been in service to be eligible for the IRITC. 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 the time that a facility must be vacant, from two years to one year, to be eligible for the IRITC. Reduces the amount of floor space a vacant industrial facility must have to be eligible for the IRITC from 250,000 square feet to 25,000 square feet.

Effective: January 1, 2011 (retroactive).





Clere, Bosma, Yarde , Cheatham




    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 11, 2011

First Regular Session 117th General Assembly (2011)


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.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2010 Regular Session of the General Assembly.

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)HB1005.1.1. -->     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)HB1005.1.2. -->     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)HB1005.1.3. -->     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) twenty-five thousand (25,000) 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)HB1005.1.4. -->     SECTION 4. An emergency is declared for this act.