HB 1466 Summary

• Establishes a four-year interim study committee on economic development (expiring December 31, 2014) to examine personal property tax elimination, tax credit effectiveness, and economic development strategies across Indiana.

• Requires the Indiana Economic Development Corporation to conduct a statewide study identifying specific economic sectors for emphasis and to collaborate annually with local economic development organizations.

• Reduces corporate income tax rate from 8.5% to 5% and financial institutions tax rate from 8.5% to 5%, effective January 1, 2012.

• Creates a capital access program requiring loan applicants to establish peer review panels for business plan approval and requires ongoing business plan compliance monitoring by lenders and the corporation.

• Provides an income tax deduction for corporations that repatriate profits from controlled foreign corporations if reinvested in Indiana, and expires multiple tax credits (enterprise zone loan interest, neighborhood assistance, maternity home, enterprise zone investment, community revitalization, health benefit, and wellness program credits) after December 31, 2011.