Version b
Agreement for tax credit with respect to job retention;
requirements
Note: This version of section effective 7-1-2005. See also
preceding version of this section, effective until 7-1-2005.
Sec. 19.5. (a) In the case of a credit awarded for a project to retain
existing 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 business 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 applicant shall maintain operations
at the project location for at least two (2) years following the
last taxable year in which the applicant claims the tax credit or
carries over an unused part of the tax credit under section 18 of
this chapter. An applicant is subject to an assessment under
section 22 of this chapter for noncompliance with the
requirement described in this subdivision.
(5) A requirement that the applicant shall annually report the
following to the corporation:
(A) The number of employees who are employed in Indiana
by the applicant.
(B) The compensation (including benefits) paid to the
applicant's employees in Indiana.
(C) The amount of the:
(i) facility improvements;
(ii) equipment and machinery upgrades, repairs, or
retrofits; or
(iii) other direct business related investments, including
training.
(6) A requirement that the applicant shall provide written
notification to the director and the corporation not more than
thirty (30) days after the applicant makes or receives a proposal
that would transfer the applicant's state tax liability obligations
to a successor taxpayer.
(7) Any other performance conditions that the corporation
determines are appropriate.
(b) An agreement between an applicant and the corporation must
be submitted to the budget committee for review and must be
approved by the budget agency before an applicant is awarded a
credit under this chapter for a project to retain existing jobs in
Indiana.
As added by P.L.178-2002, SEC.49. Amended by P.L.4-2005,
SEC.77; P.L.197-2005, SEC.9.
Last modified: May 28, 2006