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IN HB1285
Bill
Status
1/10/2017
Primary Sponsor
Charles Moseley
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AI Summary
House Bill 1285 Summary
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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 turbine 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 by July 15, 2017.
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Provides reduced corporate income tax rates of 4.8% and individual rates of 2.4% (versus standard rates) for qualified wind turbine facilities approved by the Indiana Economic Development Corporation for the year operations begin 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 facilities, available for up to two taxable years in addition to standard EDGE credits.
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Requires applicants to demonstrate commitment to using U.S. steel, meeting or exceeding county average wages by at least 10%, creating new jobs, and proving the tax incentive is essential to project viability; approval requires at least two separate qualifying applications.
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. Makes an appropriation.
Last Action
First reading: referred to Committee on Ways and Means
1/10/2017