Certification of qualified Indiana business; forms; fee
Sec. 7. (a) The Indiana economic development corporation shall
certify that a business is a qualified Indiana business if the
corporation determines that the business:
(1) has its headquarters in Indiana;
(2) is primarily focused on professional motor vehicle racing,
commercialization of research and development, technology
transfers, or the application of new technology, or is determined
by the Indiana economic development corporation to have
significant potential to:
(A) bring substantial capital into Indiana;
(B) create jobs;
(C) diversify the business base of Indiana; or
(D) significantly promote the purposes of this chapter in any
other way;
(3) has had average annual revenues of less than ten million
dollars ($10,000,000) in the two (2) years preceding the year in
which the business received qualified investment capital from
a taxpayer claiming a credit under this chapter;
(4) has:
(A) at least fifty percent (50%) of its employees residing in
Indiana; or
(B) at least seventy-five percent (75%) of its assets located
in Indiana; and
(5) is not engaged in a business involving:
(A) real estate;
(B) real estate development;
(C) insurance;
(D) professional services provided by an accountant, a
lawyer, or a physician;
(E) retail sales, except when the primary purpose of the
business is the development or support of electronic
commerce using the Internet; or
(F) oil and gas exploration.
(b) A business shall apply to be certified as a qualified Indiana
business on a form prescribed by the Indiana economic development
corporation.
(c) If a business is certified as a qualified Indiana business under
this section, the Indiana economic development corporation shall
provide a copy of the certification to the investors in the qualified
Indiana business for inclusion in tax filings.
(d) The Indiana economic development corporation may impose
an application fee of not more than two hundred dollars ($200).
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003,
SEC.3; P.L.4-2005, SEC.98; P.L.193-2005, SEC.17.
Last modified: May 28, 2006