"New employee" defined
Sec. 6. (a) As used in this chapter, "new employee" means a
full-time employee first employed by a taxpayer in the project that is
the subject of a tax credit agreement and who is employed after the
taxpayer enters into the tax credit agreement.
(b) The term "new employee" does not include:
(1) an employee of the taxpayer who performs a job that was
previously performed by another employee, if that job existed
for at least six (6) months before hiring the new employee;
(2) an employee of the taxpayer who was previously employed
in Indiana by a related member of the taxpayer and whose
employment was shifted to the taxpayer after the taxpayer
entered into the tax credit agreement; or
(3) a child, grandchild, parent, or spouse, other than a spouse
who is legally separated from the individual, of any individual
who is an employee of the taxpayer and who has a direct or an
indirect ownership interest of at least five percent (5%) in the
profits, capital, or value of the taxpayer (an ownership interest
shall be determined in accordance with Section 1563 of the
Internal Revenue Code and regulations prescribed under that
Section).
(c) Notwithstanding subsection (b)(1), if a new employee
performs a job that was previously performed by an employee who
was:
(1) treated under the agreement as a new employee; and
(2) promoted by the taxpayer to another job;
the employee may be considered a new employee under the
agreement.
(d) Notwithstanding subsection (a), the board may credit awards
to an applicant that met the conditions of this chapter at the time of
the applicant's location or expansion decision, if:
(1) the applicant is in receipt of a letter from the department of
commerce stating an intent to enter into a credit agreement; and
(2) the letter described in subdivision (1) is issued by the
department of commerce not later than March 15, 1994.
As added by P.L.41-1994, SEC.1.
Last modified: May 28, 2006