Effective 1-1-2020.
Sec. 18. (a) Subject to subsection (e), the corporation may, as part of an agreement entered into under section 17 of this chapter:
(1) require a taxpayer to repay all or part of a credit awarded under this chapter over a period of years; and
(2) limit the maximum amount of a credit awarded to a taxpayer under this chapter that may be claimed during a taxable year.
(b) The corporation may elect to enter into an agreement with a local unit that has jurisdiction over the real property that is subject to the proposed qualified investment, through which such agreement the local unit commits local revenue generated by the project to the corporation rather than the corporation including a repayment provision in an agreement with a taxpayer under subsection (a)(1). The total amount of revenue committed under an agreement entered into under this subsection may not exceed the credit repayment amount determined under subsection (a)(1). Any amounts received under an agreement entered into under this subsection shall be deposited in the state general fund.
(c) Notwithstanding subsections (a) and (b), if the corporation awards a tax credit to a taxpayer under this chapter that exceeds seven million dollars ($7,000,000), the corporation shall include in an agreement entered into under section 17 of this chapter a provision that requires the taxpayer to repay the portion of the credit that exceeds seven million dollars ($7,000,000).
(d) If the corporation enters into an agreement with a taxpayer under section 17 of this chapter that includes a repayment provision under subsection (a)(1) or (c), the corporation shall include in the repayment provision a provision establishing the interest rate that will be applied. The interest rate shall be determined by the board and approved by the budget agency.
(e) This subsection applies to an active multi-phased project occurring on a defined footprint for which the taxpayer has received approval for at least the first phase of the active multi-phased project from the corporation's board before July 1, 2018, for a tax credit under IC 6-3.1-11 (industrial recovery tax credit) before its expiration. The following apply to a project described in this subsection:
(1) Only qualified investments that are made after June 30, 2021, are eligible for a credit award under this chapter.
(2) The annual amount of credits awarded under this chapter for the project may not exceed five million dollars ($5,000,000).
(3) The corporation may not include a repayment provision as part of an agreement entered into under section 17 of this chapter for the credits awarded for the project.
As added by P.L.158-2019, SEC.29.
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