Job Creation Incentive Bill signed into law
STATEHOUSE - Rep. Milo Smith (R- Columbus) coauthored House Enrolled Act 1007 this legislative session. The bill was one of four key economic development bills signed by the Governor at the Statehouse on Thursday where many Republican members were present.
"These are tough economic times and House Republicans understand the importance of job creation. We worked hard this session to craft legislation which will continue to lead us out of this recession," said Rep. Smith.
House Enrolled Act 1007 allows enhanced abatement schedules and hiring incentives to encourage local job growth. HEA 1007 also extends tax incentive options for locals to exempt enterprise information technology in order to attract high-tech companies offering high-paying jobs.
In addition to helping author House Enrolled Act 1007, Rep. Smith supported and voted for the three other economic development bill passed this legislative session.
House Enrolled Act 1004 enhances the Venture Capital Investment Tax Credit to improve access to capital for fast growing Indiana companies. Additionally, it will make Indiana more desirable to out-of-state businesses by lowering our corporate tax rate, thus creating more economic development in our state.
House Enrolled Act 1005 establishes the Dinosaur Building Tax Credit, which lowers requirements deeming a building vacant so businesses will repurpose warehouses and factories in order to employ more Hoosiers.
House Enrolled Act 1006 creates an one-stop-shop for new and existing businesses, while also promoting economic development locally and regionally. In addition, the new law will encourage coordination between universities, high schools and state agencies to create an entrepreneurial curriculum.
"These bills were needed for Hoosiers and I am pleased to see the Governor sign onto these bills," said Rep. Smith. "The government can't create jobs, but we can create a business friendly climate that will foster job growth."