HB 1055 Summary

• Permits the Indiana Economic Development Corporation to grant Hoosier business investment income tax credits that are wholly or partially refundable to taxpayers or pass-through entities for awards approved and investments made on or after July 1, 2015.

• Tax credit percentages remain at 10% for non-logistics investments and 25% for logistics investments, calculated against qualified investments exceeding 105% of the average annual qualified investments from the prior two years.

• For credit awards approved before July 1, 2015, unused credits may only be carried forward with no carryback or refund available.

• For credit awards approved on or after July 1, 2015, the corporation may approve refunds of excess credits exceeding the taxpayer's state tax liability, with unused portions eligible for carryforward but not carryback.

• Pass-through entities receiving refunds directly from the corporation must claim refunds on forms prescribed by the Department of State Revenue; shareholders or partners of pass-through entities without state tax liability are entitled to credits based on their distributive income share.