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IN HB1154
Bill
Status
1/12/2015
Primary Sponsor
Charles Moseley
Click for details
AI Summary
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Establishes the Hoosier Heritage Innovative Industry Loan Fund to provide interest-free loans up to $1,000,000 with repayment terms not exceeding 20 years to facilities that manufacture wind turbines or gearbox/tower components using U.S.-produced steel.
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Transfers $1,000,000 from the Indiana Twenty-First Century Research and Technology Fund to the new loan fund before July 15, 2015, with the fund administered by the Indiana Economic Development Corporation.
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Provides reduced income tax rates for qualified wind turbine facilities beginning after December 31, 2015: 4.8% for corporations and 2.4% for individuals, applicable for the year the facility begins operations and the following year.
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Authorizes enhanced EDGE tax credits of up to 1.6% of incremental wages for qualified wind turbine projects, in addition to standard EDGE credits, limited to 2 taxable years and requiring applicants to meet wage benchmarks and job creation targets.
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Requires a minimum of two separate applicants proposing qualified wind turbine facilities in Indiana before the Indiana Economic Development Corporation can enter into any tax incentive agreements under these provisions.
Legislative Description
Economic development and wind turbines. Establishes the Hoosier heritage innovative industry loan fund. Authorizes interest free loans, reduced income tax rates, and enhanced economic development for a growing economy (EDGE) tax credits to encourage the manufacturing of wind turbine components in Indiana using steel produced in the United States. Transfers $1,000,000 from the Indiana twenty-first century research and technology fund to the Hoosier heritage innovative industry loan fund.
Last Action
First Reading: referred to Committee on Ways and Means
1/12/2015