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Indiana Enacts Manufacturing and Business-Friendly Legislation

Posted 8:05 PM by

As the United States economy continues to rebound following the Great Recession, Indiana has established itself as a leading state in the manufacturing renaissance that has been a main factor behind the economic recovery. In the past legislative session, several acts were passed by the State Senate and House that will help to further Indiana’s reputation as a manufacturing-friendly state. Tim Rushenberg of the Indiana Manufacturers Association highlighted the key acts passed in April 2013 as part of the General Assembly’s 2013 session in his article Pro-Manufacturing Legislation Adopted: Workforce Development and Tax Relief. Several of the key provisions passed by the General Assembly include:

SEA 465: Indiana Works Council – SEA 465 authorizes Governor Mike Pence to designate Indiana Works Council for regions throughout Indiana that are responsible for evaluating career, technical and vocational education opportunities for high school students throughout the state. Each region’s council has the ability to develop alternative career, technical or vocational educational curriculums for high school students in an attempt to provide them with the chance to:

  • Earn industry certifications
  • Earn credit towards an associate degree
  • Establish viable career paths

HEA 1002: Indiana Careers CouncilsHEA 1002 institutes the Indiana Career Council as a means to:

  • Match job-seekers with the appropriate skills development and career training programs
  • Manage the Indiana Workforce Intelligence System
  • Provide the General Assembly with an evaluation of the State’s job training programs and suggestions for improving the state’s education, job skills and career training systems

HEA 1545: Investment Tax Credit – HEA 1545 provides several tax incentives for manufacturing and logistics companies in the state. The provision includes the following tax matters:

  • Sales Tax Exemption for R&D Property – Provides expansion of sales tax exemption for R&D equipment to include any tangible personal property used for R&D purposes whether or not the acquirer of the equipment is the manufacturer or seller of the product that is subject of research and development.
  • Hoosier Business Investment Tax Credit – Offers tax credits under the Hoosier Business Investment (HBI) tax credit program for qualified investments in logistics equipment in addition to non-logistics investments. The tax credit is limited to 25% of the qualified investment for logistics investments and 10% for non-logistics investments.

About the Author
Brent Lee is a member of Katz, Sapper & Miller’s Audit and Assurance Services Department. Brent audits and reviews financial statements, and he advises clients in accounting, reporting, compliance and internal control matters. Connect with him on LinkedIn.

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