Version a
Agreement for tax credit with respect to job creation;
requirements
Note: This version of section effective until 7-1-2005. See also
following version of this section, effective 7-1-2005.
Sec. 19. In the case of a credit awarded for a project to create new
jobs in Indiana, the corporation shall enter into an agreement with an
applicant that is awarded a credit under this chapter. The agreement
must include all of the following:
(1) A detailed description of the project that is the subject of the
agreement.
(2) The duration of the tax credit and the first taxable year for
which the credit may be claimed.
(3) The 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 two (2) times the number of
years as the term of the tax credit. A taxpayer is subject to an
assessment under section 22 of this chapter for noncompliance
with the requirement described in this subdivision.
(5) A specific method for determining the number of new
employees employed during a taxable year who are performing
jobs not previously performed by an employee.
(6) A requirement that the taxpayer shall annually report to the
corporation the number of new employees who are performing
jobs not previously performed by an employee, the new income
tax revenue withheld in connection with the new employees,
and any other information the director needs to perform the
director's duties under this chapter.
(7) A requirement that the director is authorized to verify with
the appropriate state agencies the amounts reported under
subdivision (6), and after doing so shall issue a certificate to the
taxpayer stating that the amounts have been verified.
(8) A requirement that the taxpayer shall provide written
notification to the director and the corporation not more than
thirty (30) days after the taxpayer makes or receives a proposal
that would transfer the taxpayer's state tax liability obligations
to a successor taxpayer.
(9) Any other performance conditions that the corporation
determines are appropriate.
As added by P.L.41-1994, SEC.1. Amended by P.L.178-2002,
SEC.48; P.L.4-2005, SEC.76.
Last modified: May 28, 2006