IN HB1008

Establishes the Hoosier Heritage Innovative Industry Loan Fund to provide interest-free loans up to $1,000,000 with terms up to 20 years for facilities that manufacture wind turbines using U.S.-made steel

Transfers $1,000,000 from the Indiana Twenty-First Century Research and Technology Fund to capitalize the new loan fund, administered by the Indiana Economic Development Corporation (IEDC)

Offers reduced adjusted gross income tax rates for the first two years of operation: 5% for corporations (vs. standard 6.5-8.5%) and 2.4% for individuals/pass-through entities (vs. standard 3.4%) on income derived from qualified wind turbine facilities

Provides an additional EDGE tax credit of up to 1.6% of wages for wind turbine facility projects for up to two taxable years, on top of existing EDGE credits

Requires applicants to pay average wages at least 10% above the county average and use U.S.-made steel; IEDC must receive competing bids from at least two different applicants before approving tax benefits