Indiana House Bill 1008 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 9 2012 - 25% progression, died in committee
Action: 2012-01-12 - Representative Stemler added as coauthor
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Establishes the Hoosier heritage innovative industry loan fund (fund). Provides that the fund is administered by the Indiana economic development corporation (IEDC). Provides that the IEDC board may make a loan from the fund to an applicant to establish a facility in Indiana that manufactures or fabricates wind turbines using steel made in the United States (wind turbine facility). Provides that a loan from the fund is interest free and may be for an amount up to $1,000,000. Provides that the term of a loan from the fund may not exceed 20 years. Transfers $1,000,000 from the Indiana twenty-first century research and technology fund to the fund. Provides that a taxpayer that establishes a wind turbine facility in Indiana may be eligible for a reduced adjusted gross income tax rate for the first two taxable years that the wind turbine facility is in operation. Provides that a taxpayer must be approved by the IEDC to receive the reduced adjusted gross income tax rate for income derived from the wind turbine facility. Provides that the reduced tax rate equals: (1) 5% of the adjusted gross income derived from the wind turbine facility if the taxpayer is a corporation; or (2) 2.4% of the adjusted gross income derived from the wind turbine facility if the taxpayer is an individual or pass-through entity. Provides that the IEDC must receive competing bids from two different applicants to establish a wind turbine facility in order for the IEDC to approve a reduced adjusted gross income tax rate. Allows the IEDC to award an additional economic development for a growing economy (EDGE) tax credit to a wind turbine facility. Provides that the additional tax credit may not exceed 1.6% of the wages attributable to the applicant's project. Provides that the duration

Wind turbines.

Rep. Charles Moseley [D]

Rep. Steven Stemler [D]

Date	Chamber	Action
2012-01-12		Representative Stemler added as coauthor
2012-01-09		First reading: referred to Committee on Ways and Means
2012-01-09		Authored by Representative Moseley

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2012&session=1&request=getBill&doctype=HB&docno=1008
Text	http://www.in.gov/legislative/bills/2012/IN/IN1008.1.html