House Republicans put Dinosaur Building back to work

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A little late, but of interest locally.

E-mail from the Republican Caucus:

House Republicans put Dinosaur Building Back to Work

(February 15, 2011) – Rep. Ed Clere (R-New Albany) co-authored legislation with House Speaker Brian Bosma(R-Indianapolis) to provide local communities with an additional tool to attract economic development. House Bill 1005 passed today by a 93-0 vote.

HB 1005 enhances the Industrial Recovery 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.

“This bill sharpens an existing tool for promoting job creation,” Rep. Clere said. “We need to be doing everything we can to put vacant industrial buildings – and unemployed Hoosiers – back to work, and this legislation will help”

The legislation would lower the interior square footage threshold from at least 250,000 square feet to 25,000 square feet, regardless of a county’s population. It would also lower the vacancy threshold from 75 percent for two years to 50 percent for one year, and the years the facility must have been in service from 20 years to 15 years.

“By lowering the threshold, we will be providing businesses with an incentive to move into a local community, help build jobs, and increase the values of the surrounding properties,” said Speaker Bosma.

The legislative body of a municipality must designate the facility as an industrial recovery site and work with the municipal executive to put together an application to the Indiana Economic Development Corporation (IEDC).

The IEDC makes the final determination for eligibility for a tax credit based on several factors, such as: the level of distress in the surrounding community caused by the loss of jobs at the vacant facility; evidence support for the designation by residents, businesses and private organizations; and the likelihood that the credit will improve the economic and employment conditions.

“This bill will help attract tomorrow’s jobs to yesterday’s buildings,” Rep. Clere said.

The bill now goes to the Senate for further consideration.

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