Airport Development Zone

GARY AIRPORT DEVELOPMENT ZONE
GARY CHICAGO INTERNATIONAL AIRPORT
GARY, INDIANA

Applicable Tax Incentives

Indiana Code 8-22-3.5-14
Businesses located in airport development zone treated as if located in enterprise zone

Sec. 14. (a) This section applies only to an airport development zone that is in a:

• 1. city described in section 1(2) of this chapter [this applies to the City of Gary]; or
  2. county described in section 1(3), 1(4), or 1(6) of this chapter.

•       (b) Notwithstanding any other law, a business or an employee of a business that is located in an airport development zone is entitled to the benefits provided by the following statutes, as if the business were located in an enterprise zone:
  
  
  
  1. IC 6-1.1-20.8. [Inventory Credit] ¹
  2. IC 6-3-2-8. [Enterprise Zone Employers-Exemption from Deductions] ²
  3. IC 6-3-3-10. [Enterprise Zone Employers-Credit, Employment Expenditures] ³
  4. IC 6-3.1-7. [Loan Interest Credit] ⁴
  5. IC 6-3.1-9. [Neighborhood Assistance Program] ⁵
  6. IC 6-3.1-10-6. [Investment Cost Credit] ⁶

•       (c) Before June 1 of each year, a business described in subsection (b) must pay a fee equal to the amount of the fee that is required for enterprise zone businesses under IC 5-28-15-5(a)(4)(A). However, notwithstanding IC 5-28-15-5(a)(4)(A), the fee shall be paid into the debt service fund established under section 9(e)(2) of this chapter. If the commission determines that a business has failed to pay the fee required by this subsection, the business is not eligible for any of the benefits described in subsection (b).

•       (d) A business that receives any of the benefits described in subsection (b) must use all of those benefits, except for the amount of the fee required by subsection (c), for its property or employees in the airport development zone and to assist the commission. If the commission determines that a business has failed to use its benefits in the manner required by this subsection, the business is not eligible for any of the benefits described in subsection (b).

•       (e) If the commission determines that a business has failed to pay the fee required by subsection (c) or has failed to use benefits in the manner required by subsection (d), the commission shall provide written notice of the determination to the department of state revenue, the department of local government finance, and the county auditor. As added by P.L.108-1993, SEC.9. Amended by P.L.115-1995, SEC.10; P.L.85-1996, SEC.6; P.L.90-2002, SEC.334; P.L.192-2002(ss), SEC.148; P.L.4-2005, SEC.117; P.L.124-2006, SEC.10.

PLEASE NOTE:
The above legislation cited does not include the Enterprise Zone Investment Deduction for qualified investments of real or personal property under I.C. 6-1.1-45.

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¹Effective as of the March 1, 2006 assessment date in the state of Indiana, all personal property-inventory is exempt under HEA 1001(ss) 2002 [I.C. 6-1.1-12-42]. Taxpayers are entitled to a deduction from their assessed valuation of 100 percent of their "assessed value inventory." Taxpayers need not file an application to qualify for this deduction. Taxpayers will be able to enter the deduction on their personal property return form and, if they fail to do so, the local township assessor shall enter and apply the deduction.

²Employees who work in an enterprise zone may qualify for an exemption from state income taxes

³Employers located in an enterprise zone may qualify for an exemption from state income taxes.

⁴Lenders to businesses located in an enterprise zone are eligible for state income tax credits.

⁵A business firm that contributes to a neighborhood organization that engages in the activities of providing neighborhood assistance, job training, or education for individuals not employed by the business firm or for community services or crime prevention in an economically disadvantaged area may receive a tax credit if qualified and approved.

⁶Individuals who invest in a business located in an enterprise zone are eligible for state income tax credits.

^10/24/2007