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Senate Bill 601

Introduced Senate Bill (S)

DIGEST

Regional development tax credit. Establishes the regional development tax credit (credit). Allows a taxpayer to apply to the Indiana economic development corporation (IEDC) for the credit. Provides that a taxpayer is entitled to a credit against state tax liability if: (1) the taxpayer makes a qualified investment for the redevelopment or rehabilitation of real property that is vacant or underused; (2) the qualified investment is part of a project that is located within the area of a regional development authority and is included in the regional development authority's regional redevelopment plan; and (3) the qualified investment is approved by the Regional development tax credit. Establishes the regional development tax credit (credit). Allows a taxpayer to apply to the Indiana economic development corporation (IEDC) for the credit. Provides that a taxpayer is entitled to a credit against state tax liability if: (1) the taxpayer makes a qualified investment for the redevelopment or rehabilitation of real property that is vacant or underused; (2) the qualified investment is part of a project that is located within the area of a regional development authority and is included in the regional development authority's regional redevelopment plan; and (3) the qualified investment is approved by the IEDC. Specifies the factors that the IEDC shall consider in evaluating a taxpayer's application for a proposed qualified investment. Provides that the amount of the credit is equal to: (1) the qualified investment made by the taxpayer and approved by the IEDC in an agreement; multiplied by (2) the applicable credit percentage determined by the IEDC. Allows a taxpayer to carry forward any unused credit amounts for nine taxable years following the unused credit year. Provides that the aggregate amount of the credits awarded in a state fiscal year may not exceed $50,000,000. Provides that the aggregate amount of EDGE credit awards in a state fiscal year for projects to create new jobs in Indiana may not exceed $100,000,000. Provides that a taxpayer is not entitled to receive any of the following (with certain exceptions): (1) An industrial recovery tax credit for a qualified investment made after December 31, 2019. (2) A community revitalization enhancement district tax credit for a qualified investment made after December 31, 2019. Makes conforming changes. ... View more