Sec. 8. (a) Subject to entering into an agreement with the corporation under sections 14 and 15 of this chapter, if the corporation certifies that a taxpayer:

(1) is an eligible business;

(2) completes a qualifying project;

(3) incurs relocation costs; and

(4) employs:

(A) at least seventy-five (75) employees in Indiana, in the case of a taxpayer that qualifies as an eligible business under section 2(1) of this chapter; or

(B) at least ten (10) employees in Indiana, in the case of a taxpayer that qualifies as an eligible business under section 2(2) of this chapter;

the taxpayer is entitled to a credit against the taxpayer's state tax liability for the taxable year in which the relocation costs are incurred, subject to subsection (c). The credit allowed under this section is equal to the amount determined under section 9 of this chapter.

(b) For purposes of establishing the employment level required by subsection (a)(4), a taxpayer may include:

(1) individuals who:

(A) were employed in Indiana by the taxpayer before the taxpayer commenced a qualifying project; and

(B) remain employed in Indiana after the completion of the taxpayer's qualifying project; and

(2) individuals who:

(A) were not employed in Indiana by the taxpayer before the taxpayer commenced a qualifying project; and

(B) are employed in Indiana by the taxpayer as a result of the completion of the taxpayer's qualifying project.

(c) The total amount of credits that may be approved by the corporation for all eligible businesses described in section 2(2) of this chapter may not exceed five million dollars ($5,000,000) in a state fiscal year.

As added by P.L.193-2005, SEC.21. Amended by P.L.137-2006, SEC.9; P.L.1-2007, SEC.58; P.L.288-2013, SEC.64; P.L.158-2019, SEC.23.