Bill Text: IN HB1005 | 2011 | Regular Session | Enrolled
Bill Title: Industrial recovery tax credit.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Passed) 2011-05-16 - Effective retroactive to 01/01/2011 [HB1005 Detail]
Download: Indiana-2011-HB1005-Enrolled.html
First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
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HOUSE ENROLLED ACT No. 1005
AN ACT to amend the Indiana Code concerning taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-3.1-11-1; (11)HE1005.1.1. -->
SECTION 1. IC 6-3.1-11-1 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2011 (RETROACTIVE)]:
Sec. 1. As used in this chapter, "applicable percentage" means the
percentage determined as follows:
(1) If a plant that is located on an industrial recovery site was placed in service at leasttwenty (20) fifteen (15) years ago but
less than thirty (30) years ago, the applicable percentage is fifteen
percent (15%).
(2) If a plant that is located on an industrial recovery site was placed in service at least thirty (30) years ago but less than forty (40) years ago, the applicable percentage is twenty percent (20%).
(3) If a plant that is located on an industrial recovery site was placed in service at least forty (40) years ago, the applicable percentage is twenty-five percent (25%).
The time that has expired since a plant was placed in service shall be determined as of the date that an application is filed with the board for designation of the location as an industrial recovery site under this chapter.
(1) If a plant that is located on an industrial recovery site was placed in service at least
(2) If a plant that is located on an industrial recovery site was placed in service at least thirty (30) years ago but less than forty (40) years ago, the applicable percentage is twenty percent (20%).
(3) If a plant that is located on an industrial recovery site was placed in service at least forty (40) years ago, the applicable percentage is twenty-five percent (25%).
The time that has expired since a plant was placed in service shall be determined as of the date that an application is filed with the board for designation of the location as an industrial recovery site under this chapter.
SOURCE: IC 6-3.1-11-15; (11)HE1005.1.2. -->
SECTION 2. IC 6-3.1-11-15 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2011 (RETROACTIVE)]:
Sec. 15. As used in this chapter, "vacant industrial facility" means a
tract of land on which there is located a plant that:
(1) has:
(A) for taxable years beginning after December 31, 2010, and beginning before January 1, 2015, at least fifty thousand (50,000) square feet of floor space; or
(B) for taxable years beginning after December 31, 2014, at leasttwo hundred fifty thousand (250,000) one hundred
thousand (100,000) square feet of floor space;
(2) was placed in service at leasttwenty (20) fifteen (15) years
ago; and
(3) has been vacant fortwo (2) or more years, at least one (1)
year, unless the tract and the plant are owned by a municipality
or a county, in which case the two (2) one (1) year requirement
does not apply.
(1) has:
(A) for taxable years beginning after December 31, 2010, and beginning before January 1, 2015, at least fifty thousand (50,000) square feet of floor space; or
(B) for taxable years beginning after December 31, 2014, at least
(2) was placed in service at least
(3) has been vacant for
SOURCE: ; (11)HE1005.1.3. -->
SECTION 3. An emergency is declared for this act.
HEA 1005 _ CC 1
Figure
Graphic file number 0 named seal1001.pcx with height 58 p and width 72 p Left aligned
Graphic file number 0 named seal1001.pcx with height 58 p and width 72 p Left aligned