STATEHOUSE-State Rep. Ralph M. Foley voted for an economic stimulus bill, which passed, that will hopefully attract new businesses to Morgan County and surrounding areas and create jobs.
House Bill 1005 is known as the "Dinosaur Building" tax credit. The bill offers a tax credit for purchasing/occupying a vacant industrial building. Specifically it applies to buildings that are 75 percent vacant (unused) and have at least 50,000 square feet. To qualify for the tax credit, the building must have been occupied for at least 15 years at one time, and must be vacant for at least one year.
The bill passed the House by a vote of 94-0.
According to the Indiana Economic Develop Corporation's estimates, up to 800 buildings in Indiana could be eligible for this tax credit. "This is a great incentive for businesses to relocate to Indiana," said Rep. Foley. "The Harman-Becker building is a great example of a facility that should qualify for this tax credit. It is a good marketing tool for attracting economic growth to Martinsville and Morgan County."
HB 1005 is one of several House Republican economic growth bills authored this session. The bill will now go to the governor's office for final approval.
"This is a helpful step in job creation and economic growth," said Rep. Foley.