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IN HB1241
Bill
Status
1/11/2018
Primary Sponsor
Milo Smith
Click for details
AI Summary
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Indiana Department of Workforce Development must establish and maintain a registry of high demand, unfilled jobs in manufacturing and science, technology, engineering, and mathematics (STEM) occupations, collaborating with private employers, economic development agencies, and other entities.
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Individuals who relocate to Indiana from out of state to accept a registered high demand job must apply for a tax credit certificate within 10 days of their initial hiring date, with the Department of Workforce Development reviewing applications and issuing certificates within 30 days.
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Eligible taxpayers receive a tax credit equal to 100% of their adjusted gross income tax liability and can claim the credit for up to 5 consecutive taxable years (the year of relocation plus the next 4 years), provided they remain continuously employed with the same employer and maintain Indiana residency.
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Tax credit cannot be carried over, carried back, or refunded; unused credits are forfeited, and the credit applies only after all other credits under Indiana tax code are applied.
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Legislation becomes effective July 1, 2018 for registry establishment and January 1, 2019 for taxable year applications, with the entire provision expiring January 1, 2022.
Legislative Description
Employee relocation tax credit. Provides an individual income tax credit against state income tax liability of an individual that relocates to Indiana to accept employment with an Indiana employer in a high demand, unfilled job in: (1) manufacturing; or (2) science, technology, engineering, or mathematics. Requires the Indiana department of work force development (DWD) to establish a registry of high demand, unfilled jobs for purposes of determining eligibility for the tax credit. Requires the DWD to collaborate with private employers and other entities in determining the jobs that are placed on the registry. Provides that an individual is entitled to
Last Action
First reading: referred to Committee on Ways and Means
1/11/2018