Bill Text: IN HB1463 | 2011 | Regular Session | Introduced
Bill Title: CRED districts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-20 - First reading: referred to Committee on Commerce, Small Business and Economic Development [HB1463 Detail]
Download: Indiana-2011-HB1463-Introduced.html
Citations Affected: IC 6-3.1-19; IC 36-7-13.
Synopsis: CRED districts. Removes restrictions on activating a third
community revitalization enhancement district (CRED) in Delaware
County. Repeals statutes establishing such restrictions.
Effective: Upon passage.
January 20, 2011, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
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
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(b) The amount of the credit to which a taxpayer is entitled is the qualified investment made by the taxpayer during the taxable year multiplied by twenty-five percent (25%).
(c) A taxpayer may assign any part of the credit to which the taxpayer is entitled under this chapter to a lessee of property redeveloped or rehabilitated under section 2 of this chapter. A credit that is assigned under this subsection remains subject to this chapter.
(d) An assignment under subsection (c) must be in writing and both the taxpayer and the lessee must report the assignment on their state tax return for the year in which the assignment is made, in the manner prescribed by the department. The taxpayer may not receive value in
connection with the assignment under subsection (c) that exceeds the
value of the part of the credit assigned.
(e) If a pass through entity is entitled to a credit under this chapter
but does not have state and local tax liability against which the tax
credit may be applied, a shareholder, partner, or member of the pass
through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive income
to which the shareholder, partner, or member is entitled.
The credit provided under this subsection is in addition to a tax credit
to which a shareholder, partner, or member of a pass through entity is
otherwise entitled under this chapter. However, a pass through entity
and an individual who is a shareholder, partner, or member of the pass
through entity may not claim more than one (1) credit for the same
investment.
(f) A taxpayer that is otherwise entitled to a credit under this chapter
for a taxable year may claim the credit regardless of whether any
income tax incremental amount or gross retail incremental amount has
been:
(1) deposited in the incremental tax financing fund established for
the community revitalization enhancement district; or
(2) allocated to the district.
and the gross retail incremental amount for the preceding state fiscal
year for a district modified under section 12.5 of this chapter.
(1) The aggregate amount of state gross retail and use taxes that are remitted under IC 6-2.5 by businesses operating in the district, until the amount of state gross retail and use taxes deposited equals the gross retail incremental amount for the district.
(2) The aggregate amount of state and local income taxes paid by employees employed in the district with respect to wages earned for work in the district, until the amount of state and local income taxes deposited equals the income tax incremental amount.
(1) attributable to:
(A) the state gross retail and use taxes established under IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1 through IC 6-3-7; and
(2) deposited during any state fiscal year in each incremental tax financing fund established for a district;
may not exceed one million dollars ($1,000,000) per district designated under section 10.5 or 12 of this chapter and seven hundred fifty thousand dollars ($750,000) per district for a district designated under section 10.1 or 12.1 of this chapter.
shall be distributed to the district's advisory commission on industrial
development for deposit in the industrial development fund of the unit
that requested designation of the district.
; (11)IN1463.1.4. --> SECTION 4. THE FOLLOWING ARE REPEALED [EFFECTIVE UPON PASSAGE]: IC 6-3.1-19-5.5; IC 36-7-13-23.
