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IN SB0477
Bill
Status
1/14/2015
Primary Sponsor
Randall Head
Click for details
AI Summary
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Establishes the business development closing fund administered by the Indiana Economic Development Corporation to provide forgivable loans attracting new business and encouraging expansion of existing business in Indiana.
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Transfers excess state reserves to the fund when reserves exceed $200 million: up to $100 million when reserves are $200-$300 million, and $100 million when reserves exceed $300 million.
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Requires forgivable loan agreements to include specific performance requirements with a baseline number of new jobs to be created in Indiana and terms upon which borrowers are released from repayment obligations.
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Exempts income from the release or discharge of forgivable loan obligations from adjusted gross income tax.
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Takes effect July 1, 2015.
Legislative Description
Business development closing fund. Establishes the business development closing fund (fund) to provide incentives in the form of forgivable loans to be used to attract new business and economic development to Indiana and encourage expansion of existing business in Indiana. Provides that if the amount of excess reserves is more than $200 million, then up to $100 million of the excess reserves that exceed $200 million shall be transferred to the fund. Provides that the Indiana economic development corporation (IEDC) administers the fund. Requires the IEDC to perform the following duties: (1) Establish the criteria for awarding forgivable loans from
Last Action
First Reading: referred to Committee on Appropriations
1/14/2015