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IN HB1605
Bill
Status
1/22/2015
Primary Sponsor
Ben Smaltz
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AI Summary
HB 1605 Summary
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Creates a tax credit against adjusted gross income tax liability for medical device manufacturers subject to the federal medical device excise tax under 26 U.S.C. 4191.
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Requires Indiana Economic Development Corporation certification of credit amounts based on taxpayer's creation or retention of jobs in Indiana, with jobs created after May 15, 2015 and before January 1, 2017.
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Awards $5,000 per job created and $2,500 per job retained, with total credit not exceeding the federal medical device excise tax paid by the corporation in the previous calendar year.
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Establishes eligibility criteria including minimum 10 employees in Indiana, average compensation exceeding 105% of industry averages, and documented business plan for credit use in facility improvements, equipment, or training.
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Applies only to taxable years after December 31, 2014 and before January 1, 2017, and expires automatically upon repeal or expiration of the federal medical device excise tax.
Legislative Description
Tax credit for medical device manufacturers. Provides a tax credit against adjusted gross income tax liability for taxpayers who: (1) are subject to the federal medical device excise tax; and (2) receive certification of a credit amount from the Indiana economic development corporation based on the taxpayer's creation or retention of jobs in Indiana. Provides that the tax credit: (1) applies to taxable years after December 31, 2014, and before January 1, 2017; (2) may not be awarded after the date on which the federal medical device excise tax is repealed or expires under the Internal Revenue Code; and (3)
Last Action
Referred to the Committee on Ways and Means pursuant to House Rule 127
2/12/2015