Version a
Agreement for tax credit with respect to job retention; conditions
Note: This version of section effective until 7-1-2005. See also
following version of this section, effective 7-1-2005.
Sec. 15.5. This section applies to an application proposing to
retain existing jobs in Indiana. After receipt of an application, the
corporation may enter into an agreement with the applicant for a
credit under this chapter if the corporation determines that all the
following conditions exist:
(1) The applicant's project will retain existing jobs performed
by the employees of the applicant in Indiana.
(2) The applicant provides evidence that there is at least one (1)
other competing site outside Indiana that is being considered for
the project or for the relocation of jobs.
(3) A disparity is identified, using the best available data, in the
projected costs for the applicant's project in Indiana compared
with the costs for the project in the competing site.
(4) The applicant is engaged in research and development,
manufacturing, or business services (as defined in the Standard
Industrial Classification Manual of the United States Office of
Management and Budget).
(5) The average compensation (including benefits) provided to
the applicant's employees during the applicant's previous fiscal
year exceeds the average compensation paid during that same
period to all employees in the county in which the applicant's
business is located by at least five percent (5%).
(6) The applicant employs at least two hundred (200)
employees in Indiana.
(7) The applicant has prepared a plan for the use of the credits
under this chapter for:
(A) investment in facility improvements or equipment and
machinery upgrades, repairs, or retrofits; or
(B) other direct business related investments, including but
not limited to training.
(8) Receiving the tax credit is a major factor in the applicant's
decision to go forward with the project, and not receiving the
tax credit will increase the likelihood of the applicant reducing
jobs in Indiana.
(9) Awarding the tax credit will result in an overall positive
fiscal impact to the state, as certified by the budget agency
using the best available data.
(10) The applicant's business and project are economically
sound and will benefit the people of Indiana by increasing or
maintaining opportunities for employment and strengthening
the economy of Indiana.
(11) The communities affected by the potential reduction in
jobs or relocation of jobs to another site outside Indiana have
committed at least one dollar and fifty cents ($1.50) of local
incentives with respect to the retention of jobs for every three
dollars ($3) in credits provided under this chapter. For purposes
of this subdivision, local incentives include, but are not limited
to, cash grants, tax abatements, infrastructure improvements,
investment in facility rehabilitation, construction, and training
investments.
(12) The credit is not prohibited by section 16 of this chapter.
As added by P.L.178-2002, SEC.45. Amended by P.L.4-2005,
SEC.72.
Last modified: May 28, 2006