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03-24-14 Council Agenda & Packet
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03-24-14 Council Agenda & Packet
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3/20/2014 1:52:44 PM
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4/17/2014 1:18:16 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
3/24/2014
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We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards <br />adopted in the resolution previously approved by this body. Said resolution, passed under IC 6 -1.1- 12.1 -2.5, provides for the following limitations as <br />authorized under IC 6 -1.1. 12.1 -2. <br />A. The designated area has been limited to a period of time not to exceed calendar years (see below). The date this designation expires <br />is <br />B. The type of deduction that is allowed in the designated area is limited to: <br />1 . Installation of new manufacturing equipment; ❑ Yes ❑ No <br />2 . Installation of new research and development equipment; ❑ Yes ❑ No <br />3 . Installation of new logistical distribution equipment. []Yes ❑ N o <br />4. Installation of new information technology equipment; []Yes ❑ No <br />C. The amount of deduction applicable to new manufacturing equipment is limited to $ cost with an assessed value of <br />D. The amount of deduction applicable to new research and development equipment is limited to $ cost with an assessed value of <br />E. The amount of deduction applicable to new logistical distribution equipment is limited to $ cost with an assessed value of <br />F. The amount of deduction applicable to new information technology equipment is limited to $ cost with an assessed value of <br />G. Other limitations or conditions <br />H. The deduction for new manufacturing equipment and /or new research and development equipment and /or new logistical distribution equipment and /or <br />new information technology equipment installed and first claimed eligible for deduction is allowed for: <br />❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (see below') <br />❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 <br />I. For a Statement of Benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6-1.1- 12.1 -17? El Yes ❑No <br />If yes, attach a copy of the abatement schedule to this form. <br />If no, the designating body is required to establish an abatement schedule before the deduction can be determined. <br />Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have <br />determined that the totality of benefits is sufficient to justify the deduction described above. <br />Approved by: (signature and title of authorized member of designaling body) <br />Printed name <br />by: (signature <br />number <br />body <br />name of attester <br />Date signed (month, day, year) <br />' If the designating body limits the time period during which an area is an economic revitalization area, that limitation does not limit the length of time a <br />taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6- 1.1- 12.1 -17. <br />IC 6 -1.1- 12.1.17 <br />Abatement schedules <br />Sec. 17. (a) A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 <br />of this chapter an abatement schedule based on the following factors: <br />(1) The total amount of the taxpayers investment in real and personal property. <br />(2) The number of new full -time equivalent jobs created. <br />(3) The average wage of the new employees compared to the state minimum wage. <br />(4) The infrastructure requirements for the taxpayer's investment. <br />(b) This subsection applies to a statement of benefits approved after June 30, 2013. A designating body shall establish an abatement schedule for each deduction <br />allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not <br />exceed ten (10) years. <br />(c) An abatement schedule approved for a particular taxpayer before July 1, 2013, remains in effect until the abatement schedule expires under the terms of the <br />resolution approving the taxpayer's statement of benefits. <br />Page 2 of 2 <br />
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