HB 1019 Summary

• Permits the Indiana Economic Development Corporation to grant Hoosier business investment income tax credits that are entirely or partly refundable to taxpayers or pass-through entities for credit awards approved and investments made on or after July 1, 2013.

• Allows the corporation to approve credit amounts exceeding a taxpayer's state tax liability, with discretion to refund all or part of the excess amount; unused credits may be carried forward if not fully refunded.

• Enables pass-through entities receiving approved refunds to claim refunds on forms prescribed by the Department of State Revenue, and allows shareholders or partners to claim credits for non-refunded portions.

• Repeals the definition of "base state tax liability" as no longer needed in the Hoosier business investment tax credit statutes.

• Requires credit award agreements to specify the extent to which excess credits exceeding state tax liability may be refunded to applicants.