Award of tax credit to nonprofit organization that is high growth
company with high skilled jobs
Sec. 27. (a) Subject to all other requirements of this chapter, the
corporation may award a tax credit under this chapter to a nonprofit
organization that is a high growth company with high skilled jobs (as
defined in IC 4-4-10.9-9.5) if:
(1) the nonprofit organization:
(A) is a taxpayer (as defined in section 10 of this chapter);
and
(B) meets all requirements of this chapter; and
(2) all of the following conditions are satisfied:
(A) The wages of at least seventy-five percent (75%) of the
organization's total workforce in Indiana must be equal to at
least two hundred percent (200%) of the average county
wage, as determined by the corporation, in the county where
the project for which the credit is granted will be located.
(B) The organization must make an investment of at least
fifty million dollars ($50,000,000) in capital assets.
(C) The affected political subdivision must provide
substantial financial assistance to the project.
(D) The incremental payroll attributable to the project must
be at least ten million dollars ($10,000,000) annually.
(E) The organization agrees to pay the ad valorem property
taxes on the organization's real and personal property that
would otherwise be exempt under IC 6-1.1-10.
(F) The organization does not receive any deductions from
the assessed value of the organization's real and personal
property under IC 6-1.1-12 or IC 6-1.1-12.1.
(G) The organization pays all of the organization's ad
valorem property taxes to the taxing units in the taxing
district in which the project is located.
(H) The project for which the credit is granted must be
located in a county having a population of more than one
hundred eighty thousand (180,000) but less than one
hundred eighty-two thousand seven hundred ninety
(182,790).
(b) Notwithstanding section 6(a) of this chapter, the corporation
may award credits to an organization under subsection (a) if:
(1) the organization met all other conditions of this chapter at
the time of the applicant's location or expansion decision;
(2) the applicant is in receipt of a letter from the department of
commerce stating an intent to pursue a credit agreement; and
(3) the letter described in subdivision (2) is issued by the
department of commerce not later than January 1, 2000.
As added by P.L.114-2000, SEC.1. Amended by P.L.170-2002,
SEC.24; P.L.4-2005, SEC.85.
Last modified: May 28, 2006