STATEHOUSE - Rep. Jim Baird (R-Greencastle) is leading the charge in the Indiana General Assembly to revitalize the economy and create jobs. Rep. Baird's most recent effort to battle our communities' high unemployment is voting in support of House Bill 1007 and House Bill 1008.
"The unemployment rates in our district are unacceptably high," said Rep. Baird. "Parke County has 9.6 percent unemployment, Putnam has 9.9 percent, Vigo has 10.0 percent, and Clay has 10.4 percent. I am taking this issue very seriously-everyone does.
"Everyone-individuals, families, schools, businesses, agriculture, towns and communities-all benefit from any efforts to improve employment. It is not the government's role to create jobs; rather, it is government's role to create an environment in which businesses can prosper and hire more people. Passing HB 1007 and 1008 could lead to economic growth and expansion."
HB 1007 allows for small business growth by giving individual counties more choices and flexibility to boost their local economy through incentives. For example, it would allow counties the option to make more personal property investments a tax-deductible entity.
HB 1008 increases the amount of tax credits available for investment in a Qualified Indiana Business (QIB) from $500,000 to $1,000,000. It also would suspend the $200 application fee for two years which businesses traditional had to pay to become a QIB.
The Venture Capital Investment (VCI) Tax Credit was also modified through HB 1008. The VCI tax credit is traditionally offered capital to Hoosier companies (small and corporate) in early development stages. Through HB 1008, the VCI program would be extended two years and would expire in January 2015.
"House Bills 1007 and 1008 are great incentives for economic growth," said Rep. Baird. "The two bills together allow businesses the chance to keep more of their own money, as well as receive additional tax credits on top of that. When businesses have more money to work with and move available capital, they could expand their operation and create new jobs."