Loading chat...
IN HB1189
Bill
Status
1/7/2016
Primary Sponsor
Charles Moseley
Click for details
AI Summary
HB 1189 Summary
-
Establishes the Hoosier Heritage Innovative Industry Loan Fund to provide interest-free loans up to $1,000,000 with terms not exceeding 20 years to facilities that manufacture wind turbines or wind turbine components using U.S.-produced steel.
-
Transfers $1,000,000 from the Indiana Twenty-First Century Research and Technology Fund to the new loan fund by July 15, 2016.
-
Creates reduced income tax rates for qualified wind turbine facilities beginning in 2017: 4.8% for corporations and 2.4% for individuals, available for the year operations begin and the following taxable year.
-
Authorizes enhanced EDGE tax credits up to 1.6% of incremental wages for qualified wind turbine projects, with duration limited to two taxable years and conditioned on applicants exceeding county average wages by at least 10%.
-
Requires applications from at least two separate qualified wind turbine facility applicants before any tax incentives or credits can be awarded.
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
1/7/2016