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IEDC_0001_2 - Incentives
 
Industrial Recovery Tax Credit

Eligibility

The credit is available to owners, developers, and certain lessees of buildings located in an industrial recovery site which was brought into service at least 15 years ago. The buildings must be at least 100,000 square feet beginning January 1, 2015 and 75% vacant at the time the application is filed. A taxpayer is not eligible for more than one of the following tax credits for the same project:

  • Industrial recovery tax credit (IRTC)

  • Community revitalization enhancement district tax credit (CReED)

  • Hoosier business investment tax credit (HBI)

  • Enterprise zone investment cost credit

  • Venture capital investment tax credit (VCI)

Eligible Qualified Investment Costs

A qualified investment is made when the taxpayer incurs expenditures for the rehabilitation of real property located within an industrial recovery site.Rehabilitation expenditures include the remodeling, repair, betterment, enlargement, or extension of real property. Eligible costs may include:

  • Acquisition costs, when made to enlarge or extend the industrial recovery site

  • Architectural and engineering fees

  • Construction management and demolition costs

  • Environmental remediation costs

  • Non-movable furniture, fixtures and equipment

  • Permitting costs directly related to rehabilitation

  • Other hard costs

Ineligible Investment Costs

  • Legal and accounting fees

  • Developer fees

  • Feasibility studies

  • Property insurance

  • Loan costs

  • Other professional fees not related to property rehabilitation

  • Reserves

  • Moveable furniture, fixtures and equipment

  • Other soft costs

Additional Materials