IN HB1496

Authorizes rural counties (population under 50,000) to apply to the Indiana Economic Development Corporation (IEDC) for designation as a "rural entrepreneurship area development incentives area" to support new business creation

Transfers state adjusted gross income taxes paid by new businesses and their employees working within a designated area to the rural county, capped at $500,000 per year per county

Requires counties to establish a rural entrepreneurship area development incentives fund, with money restricted to incubator/accelerator development, small business support services, revolving loans to new businesses, and direct startup incentives

Allows counties to establish revolving loan funds to provide financing to new businesses for job creation, business attraction, or business expansion purposes

Sets the program expiration date at January 1, 2024, and prohibits new tax incentive zones from being established in designated areas without county legislative body approval