Legislation that would stimulate employment opportunities and entice new businesses to rural areas of the state has been approved by the Senate Commerce Committee.
House Bill 1241 would allow certain rural counties to be designated as Rural Entrepreneurship Area Development Incentive (READI) areas. Funds from adjusted gross income taxes paid annually by new businesses and employees in a READI area could be contained locally and used for the development of new business opportunities in the rural county. The measure would require the Indiana Economic Development Corporation (IEDC) to certify the tax credit.
Qualifying counties would include those with a population of 50,000 or less. The bill would establish a pilot program in one county selected by the IEDC. House Bill 1241 must now go to the Senate Committee on Tax and Fiscal Policy for its consideration.