50 Ind. Admin. Code 22-2-2

Current through November 6, 2024

Section 50 IAC 22-2-2 - "Creates or retains employment" defined

Authority: IC 6-1.1-12.4-13

Affected: IC 6-1.1-12.4

Sec. 2.

(a) For real property, "creates or retains employment" means a development, redevelopment, or rehabilitation of the real property that:

(1) produces new jobs that were not previously performed; or

(2) maintains existing jobs performed before the development, redevelopment, or rehabilitation of the real property;

by employees located at the site of the real property. The term may also refer to a development, redevelopment, or rehabilitation of real property that keeps an existing business in operation that otherwise would have ceased to maintain operations in Indiana without the development, redevelopment, or rehabilitation even though the total number of jobs that exists after the development, redevelopment, or rehabilitation may be less than before the development, redevelopment, or rehabilitation occurred.

(b) For personal property, "creates or retains employment" means a purchase of personal property other than inventory that:

(1) produces new jobs that were not previously performed; or

(2) maintains existing jobs performed before the purchase of the personal property;

by employees of the owner or lessee of the personal property in Indiana. The term may also refer to a purchase of personal property other than inventory that keeps an existing business in operation that otherwise would have ceased to maintain operations in Indiana without the purchase of the personal property, even though the total number of jobs that exists after the purchase of the personal property may be fewer than before the purchase of personal property occurred.

50 IAC 22-2-2

Department of Local Government Finance; 50 IAC 22-2-2; filed Jun 15, 2006, 11:25 a.m.: 20060712-IR-050050144FRA