HB 1005-1_ Filed 04/28/2011, 10:13

CONFERENCE COMMITTEE REPORT

DIGEST FOR EHB 1005



Citations Affected: IC 6-3.1-11-15.

Synopsis: Industrial recovery tax credit. Makes certain changes to the industrial recovery tax credit (credit). Reduces, for purposes of qualifying for the credit: (1) the number of years, from 20 to 15, in which a vacant industrial facility must have been in service; and (2) from two years to one year the time that a facility must be vacant. Reduces the minimum amount of floor space that a vacant industrial facility may have to qualify for the credit from 250,000 square feet to: (1) 50,000 square feet, for taxable years beginning after December 31, 2010, and beginning before January 1, 2015; or (2) 100,000 square feet, for taxable years beginning after December 31, 2014. (This conference committee report is based on EHB 1005 (as printed April 15, 2011), except this conference committee report: (1) deletes the change to the definition of "vacant", restoring the unused percentage of 75% in current law; and (2) changes the definition of "vacant industrial facility" to require a plant to have: (1) at least 50,000 square feet, for taxable years beginning after December 31, 2010, and beginning before January 1, 2015; or (2) 100,000 square feet, for taxable years beginning after December 31, 2014; to qualify for the credit.)

Effective: January 1, 2011 (retroactive).



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Adopted Rejected


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CONFERENCE COMMITTEE REPORT

MR. SPEAKER:
    Your Conference Committee appointed to confer with a like committee from the Senate upon Engrossed Senate Amendments to Engrossed House Bill No. 1005 respectfully reports that said two committees have conferred and agreed as follows to wit:

    that the House recede from its dissent from all Senate amendments and that the House now concur in all Senate amendments to the bill and that the bill be further amended as follows:

SOURCE: Page 2, line 2; (11)CC100503.2. -->     Page 2, delete lines 2 through 20, begin a new paragraph and insert:
SOURCE: IC 6-3.1-11-15; (11)CC100503.2. -->     "SECTION 2. 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:
             (A) for taxable years beginning after December 31, 2010, and beginning before January 1, 2015, at least fifty thousand (50,000) square feet of floor space; or
             (B) for taxable years beginning after December 31, 2014, 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.".
    Renumber all SECTIONS consecutively
    (Reference is to EHB 1005 as printed April 15, 2011.)




Conference Committee Report

on

Engrossed House Bill 1005



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igned by:


    ____________________________    ____________________________
    Representative Clere Senator Charbonneau
    Chairperson

    ____________________________    ____________________________
    Representative Cheatham Senator Arnold

    House Conferees    Senate Conferees


CC100503/DI 113
2011