House Bill 1193 Summary

• Establishes the Hoosier Heritage Innovative Industry Loan Fund to provide interest-free loans up to $1,000,000 to companies establishing wind turbine manufacturing facilities in Indiana using U.S.-produced steel.

• Transfers $1,000,000 from the Indiana Twenty-First Century Research and Technology Fund to the new loan fund by July 15, 2013.

• Provides reduced corporate income tax rates of 5% (versus standard rates of 6.5%-8%) and personal income tax rates of 2.4% (versus 3.4%) for qualified wind turbine facilities approved by the Indiana Economic Development Corporation, applicable for two taxable years beginning when the facility opens.

• Authorizes enhanced Economic Development for a Growing Economy (EDGE) tax credits up to 1.6% of incremental wages for wind turbine facilities, in addition to standard EDGE credits, for a maximum of two years.

• Effective July 1, 2013; requires at least two separate applications for wind turbine facilities to be received before any reduced tax rates or enhanced credits can be approved.