Indiana House Bill 1194 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on January 10 2019 - 25% progression, died in committee
Action: 2019-01-10 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]

Tax credits. 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; and (2) the qualified investment is approved by the IEDC. Specifies the factors that the IEDC shall consider in evaluating applications for a proposed qualified investment. Specifies that the credit is subject to an agreement entered into by the IEDC and the taxpayer. Provides that the amount of the credit is equal to: (1) the qualified investment made by the taxpayer and approved by the IEDC in the agreement; multiplied by (2) the applicable credit percentage determined by the IEDC. Specifies the maximum applicable credit percentages that apply to qualified investments. Prohibits the carryback or refund of any unused credit. Allows a taxpayer to carry forward any unused credit amounts and to assign any part of a credit to which the taxpayer is entitled. Authorizes the IEDC to negotiate with a taxpayer and include in the credit agreement a return on investment provision requiring the taxpayer to repay all or part of a credit awarded to the taxpayer if one or more conditions specified in the agreement are satisfied. 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.

Tax credits. 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; and (2) the qualified investment is approved by the IEDC. Specifies the factors that the IEDC shall consider in evaluating applications for a proposed qualified investment. Specifies that the credit is subject to an agreement entered into by the IEDC and the taxpayer. Provides that the amount of the credit is equal to: (1) the qualified investment made by the taxpayer and approved by the IEDC in the agreement; multiplied by (2) the applicable credit percentage determined by the IEDC. Specifies the maximum applicable credit percentages that apply to qualified investments. Prohibits the carryback or refund of any unused credit. Allows a taxpayer to carry forward any unused credit amounts and to assign any part of a credit to which the taxpayer is entitled. Authorizes the IEDC to negotiate with a taxpayer and include in the credit agreement a return on investment provision requiring the taxpayer to repay all or part of a credit awarded to the taxpayer if one or more conditions specified in the agreement are satisfied. 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.

Rep. Matthew Lehman [R]

Rep. Daniel Leonard [R]

Rep. Philip GiaQuinta [D]

Date	Chamber	Action
2019-01-10	House	First reading: referred to Committee on Ways and Means
2019-01-10	House	Coauthored by Representatives Leonard and GiaQuinta
2019-01-10	House	Authored by Representative Lehman

Type	Source
Summary	https://iga.in.gov/legislative/2019/bills/house/1194/details
Text	http://iga.in.gov/static-documents/5/8/e/4/58e47f64/HB1194.01.INTR.pdf