[r49] House Passes 3 Bills to Encourage Economic Growth (3/15/2011)

Tuesday, March 15, 2011

Start Date: 3/15/2011 All Day
End Date: 3/15/2011
STATEHOUSE - The Indiana House of Representatives passed three bills, House Bills 1005, 1006, and 1007, aimed at encouraging economic growth in Indiana. All three passed with unanimous support

House Bill 1005 enhances the Industrial Recovery Income Tax Credit, also known as the Dinosaur Building Tax Credit, to provide an incentive for companies to use existing facilities in need of significant rehabilitation to help revitalize hard-hit communities.

"Our goal with House Bill 1005 is to encourage areas that have seen a growing number of vacant buildings hurt economic growth, reverse that trend," said Rep. Wes Culver (R-Goshen). "Elkhart county ranks second in the number of vacant buildings that would meet the requirements set forth in this bill."

House Bill 1006 would require the Indiana Department of Education, in conjunction with the Commission for Higher Education (CHE) and the Indiana Economic Development Corporation, to develop curriculum guides for high school entrepreneurship classes based on successful entrepreneurship practices. Furthermore, the bill would require the CHE to inventory entrepreneurship programs in state universities and post them on the commission's website for use by students.

House Bill 1007 was written to allow local government to offer personal property tax incentives which are cited as a major attractions to investment by the business community, Indiana Economic Development Corporation and local government officials. Personal property taxes are closely looked at by companies looking to do business in Indiana, and neither Ohio nor Illinois have a personal property tax.

"House Bills 1006 and 1007 will help Indiana foster a stronger business climate. By educating our students about entrepreneurial know how, and reforming personal property taxes, Indiana will be a more attractive state for businesses to start up in or move to, bringing more jobs to working Hoosiers," said Rep. Culver.

All three bills will move to the Senate for debate and discussion.