Version a
Agreement for credit; conditions
Note: This version of section effective until 5-15-2005. See also
following version of this section, effective 5-15-2005.
Sec. 18. After receipt of an application, the corporation may enter
into an agreement with the applicant for a credit under this chapter
if the corporation determines that all the following conditions exist:
(1) The applicant has conducted business in Indiana for at least
one (1) year immediately preceding the date the application is
received.
(2) The applicant's project will raise the total earnings of
employees of the applicant in Indiana.
(3) The applicant's project is economically sound and will
benefit the people of Indiana by increasing opportunities for
employment and strengthening the economy of Indiana.
(4) Receiving the tax credit is a major factor in the applicant's
decision to go forward with the project and not receiving the tax
credit will result in the applicant not raising the total earnings
of employees in Indiana.
(5) Awarding the tax credit will result in an overall positive
fiscal impact to the state, as certified by the budget agency
using the best available data.
(6) The credit is not prohibited by section 19 of this chapter.
(7) The average wage that will be paid by the taxpayer to its
employees (excluding highly compensated employees) at the
location after the credit is given will be at least equal to one
hundred fifty percent (150%) of the hourly minimum wage
under IC 22-2-2-4 or its equivalent.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005,
SEC.107.
Last modified: May 28, 2006