January 26, 2006
HOUSE BILL No. 1266
_____
DIGEST OF HB 1266
(Updated January 24, 2006 2:58 pm - DI 92)
Citations Affected: IC 6-3.1; IC 27-5.1; noncode.
Synopsis: Headquarters relocation tax credit. Reduces from
$500,000,000 to $100,000,000 the amount of annual worldwide
revenue that a business must have in order to qualify for the
headquarters relocation tax credit. Provides that the credit is available
for taxable years beginning after December 31, 2005 (instead of
December 31, 2006), for relocation costs incurred after March 31,
2006. Provides that a farm mutual insurance company may elect
taxation under the gross premium tax.
Effective: January 1, 2006 (retroactive); April 1, 2006.
Borror, Bell, Harris T
January 10, 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 25, 2006, amended, reported _ Do Pass.
January 26, 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,
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
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NEW will appear in that style type in the introductory clause of each SECTION that adds
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Conflict reconciliation: Text in a statute in
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HOUSE BILL No. 1266
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 6-3.1-30-2; (06)HB1266.2.1. -->
SECTION 1. IC 6-3.1-30-2, AS ADDED BY P.L.193-2005,
SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
APRIL 1, 2006]: Sec. 2. As used in this chapter, "eligible business"
means a business that:
(1) is engaged in either interstate or intrastate commerce;
(2) maintains a corporate headquarters at a location outside
Indiana;
(3) has not previously maintained a corporate headquarters at a
location in Indiana;
(4) had annual worldwide revenues of at least five one hundred
million dollars ($500,000,000) ($100,000,000) for the taxable
year immediately preceding the business's application for a tax
credit under section 12 of this chapter; and
(5) commits contractually to relocating its corporate headquarters
to Indiana.
SOURCE: IC 27-5.1-2-8; (06)HB1266.2.2. -->
SECTION 2. IC 27-5.1-2-8 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2006 (RETROACTIVE)]:
Sec. 8. The following provisions apply to standard companies and
extended companies:
(1) IC 27-1-3.
(2) IC 27-1-3.1.
(3) IC 27-1-5-3.
(4) IC 27-1-7-14 through IC 27-1-7-16.
(5) IC 27-1-7-21 through IC 27-1-7-23.
(6) IC 27-1-9.
(7) IC 27-1-10.
(8) IC 27-1-13-3 through IC 27-1-13-4.
(9) IC 27-1-13-6 through IC 27-1-13-9.
(10) IC 27-1-15.6.
(11) IC 27-1-18-2.
(11) (12) IC 27-1-20-1.
(12) (13) IC 27-1-20-4.
(13) (14) IC 27-1-20-6.
(14) (15) IC 27-1-20-9 through IC 27-1-20-11.
(15) (16) IC 27-1-20-14.
(16) (17) IC 27-1-20-19 through IC 27-1-20-21.3.
(17) (18) IC 27-1-20-23.
(18) (19) IC 27-1-20-30.
(19) (20) IC 27-1-22.
(20) (21) IC 27-4-1.
(21) (22) Except as provided in IC 27-6-1.1-6, IC 27-6-1.1-2.
(22) (23) IC 27-6-2.
(23) (24) IC 27-7-2.
(24) (25) IC 27-9.
(25) (26) IC 34-30-17.
SOURCE: ; (06)HB1266.2.3. -->
SECTION 3. [EFFECTIVE APRIL 1, 2006] (a) The definitions set
forth in IC 6-3.1-30, including IC 6-3.1-30-2, as amended by this
act, apply throughout this SECTION.
(b) Notwithstanding the effective dates included in
P.L.193-2005, SECTION 21 of P.L.193-2005 takes effect April 1,
2006, and not January 1, 2007.
(c) Notwithstanding SECTION 24 of P.L.193-2005, an eligible
business is entitled to a credit under IC 6-3.1-30 for relocation costs
that are incurred for a qualifying project:
(1) after March 31, 2006; and
(2) during a taxable year beginning after December 31, 2005.
SOURCE: ; (06)HB1266.2.4. -->
SECTION 4. [EFFECTIVE JANUARY 1, 2006 (RETROACTIVE)]
IC 27-5.1-2-8, as amended by this act, applies only to taxable years
beginning after December 31, 2005.
SOURCE: ; (06)HB1266.2.5. -->
SECTION 5.
An emergency is declared for this act.