Agreement for credit; contents
Sec. 21. The corporation shall enter into an agreement with an
applicant that is awarded a credit under this chapter. The agreement
must include all the following:
(1) A detailed description of the project that is the subject of the
agreement.
(2) The first taxable year for which the credit may be claimed.
(3) The amount of the taxpayer's state tax liability for each tax
in the taxable year of the taxpayer that immediately preceded
the first taxable year in which the credit may be claimed.
(4) The maximum tax credit amount that will be allowed for
each taxable year.
(5) A requirement that the taxpayer shall maintain operations at
the project location for at least ten (10) years during the term
that the tax credit is available.
(6) A specific method for determining the number of new
employees employed during a taxable year who are performing
jobs not previously performed by an employee.
(7) A requirement that the taxpayer shall annually report to the
corporation the number of new employees who are performing
jobs not previously performed by an employee, the average
wage of the new employees, the average wage of all employees
at the location where the qualified investment is made, and any
other information the director needs to perform the director's
duties under this chapter.
(8) A requirement that the director is authorized to verify with
the appropriate state agencies the amounts reported under
subdivision (7), and that after doing so shall issue a certificate
to the taxpayer stating that the amounts have been verified.
(9) A requirement that the taxpayer shall pay an average wage
to all its employees other than highly compensated employees
in each taxable year that a tax credit is available that equals at
least one hundred fifty percent (150%) of the hourly minimum
wage under IC 22-2-2-4 or its equivalent.
(10) A requirement that the taxpayer will keep the qualified
investment property that is the basis for the tax credit in Indiana
for at least the lesser of its useful life for federal income tax
purposes or ten (10) years.
(11) A requirement that the taxpayer will maintain at the
location where the qualified investment is made during the term
of the tax credit a total payroll that is at least equal to the
payroll level that existed before the qualified investment was
made.
(12) A requirement that the taxpayer shall provide written
notification to the director and the corporation not more than
thirty (30) days after the taxpayer makes or receives a proposal
that would transfer the taxpayer's state tax liability obligations
to a successor taxpayer.
(13) Any other performance conditions that the corporation
determines are appropriate.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005,
SEC.110.
Last modified: May 28, 2006