Terms of required agreement; certificate of compliance
Effective 1-1-2006.
Sec. 19. (a) The corporation shall enter into an agreement with an
applicant that is awarded a credit under this chapter. The agreement
must include all the following:
(1) A detailed description of the project that is the subject of the
agreement.
(2) The first taxable year for which the credit may be claimed.
(3) The maximum tax credit amount that will be allowed for
each taxable year.
(4) A requirement that the taxpayer shall maintain operations at
the project location for at least ten (10) years during the term
that the tax credit is available.
(5) A requirement that the taxpayer shall pay an average wage
to its employees at the integrated coal gasification powerplant,
other than highly compensated employees, in each taxable year
that a tax credit is available that equals at least one hundred
twenty-five percent (125%) of the average county wage in the
county in which the integrated coal gasification powerplant is
located.
(6) A requirement that the taxpayer will maintain at the location
where the qualified investment is made, during the term of the
tax credit, a total payroll that is at least equal to the payroll that
existed on the date that the taxpayer placed the integrated coal
gasification powerplant into service.
(7) A requirement that the taxpayer shall use Indiana coal at the
taxpayer's integrated coal gasification powerplant.
(8) A requirement that the taxpayer obtain from the commission
a determination under IC 8-1-8.5-2 that public convenience and
necessity require, or will require, the construction of the
taxpayer's integrated coal gasification powerplant.
(b) A taxpayer must comply with the terms of the agreement
described in subsection (a) to receive an annual installment of the tax
credit awarded under this chapter. The corporation shall annually
determine whether the taxpayer is in compliance with the agreement.
If the corporation determines that the taxpayer is in compliance, the
corporation shall issue a certificate of compliance to the taxpayer.
As added by P.L.191-2005, SEC.15.
Last modified: May 28, 2006