Introduced Version






HOUSE BILL No. 1005

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3.1-11.

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. Makes changes to the amount of floor space a vacant industrial facility must have to be eligible for the IRITC.

Effective: January 1, 2011 (retroactive).





Clere, Bosma, Yarde




    January 12, 2011, read first time and referred to Committee on Commerce, Small Business and Economic Development.







Introduced

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.
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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)IN1005.1.1. -->     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)IN1005.1.2. -->     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)IN1005.1.3. -->     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) square feet of floor space;
         (1) is located in a county having a population:
            (A) less than forty thousand one (40,001), and the plant has at least seventy-five thousand (75,000) square feet of floor space;
            (B) more than forty thousand (40,000) but less than eighty thousand one (80,001), and the plant has at least one hundred thousand (100,000) square feet of floor space;

             (C) more than eighty thousand (80,000) but less than one hundred twenty thousand one (120,001), and the plant has at least one hundred fifty thousand (150,000) square feet of floor space; or
            (D) more than one hundred twenty thousand (120,000), and the plant has at least two hundred thousand (200,000) 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)IN1005.1.4. -->     SECTION 4. An emergency is declared for this act.