DUTIES AND RESPONSIBILITIES OF THE COMPANY. A. The Company agrees to perform the Project as described in Paragraph 3 and shall maintain operations at the Project Location for at least the Term of the Agreement. The Company shall keep at the Project Location the Qualified Investment property that is the basis for the tax credit in Indiana for at least (i) the useful life of the property, as determined for federal income tax purposes; or (ii) ten (10) years, whichever is less. The Company shall pay an average wage to all its employees, excluding Highly Compensated Employees, in each Taxable Year that the tax credit provided herein is available, that equals at least one hundred fifty percent (150%) of the hourly minimum wage under Indiana Code § 22-2-2-4 or its equivalent. During the Term of the Agreement, the Company shall maintain, at the Project Location where the Qualified Investment is made, a total payroll that is at least equal to the payroll level that existed before the Qualified Investment was made. The Company agrees to use reasonable commercial efforts to spend its Qualified Investment with Indiana Businesses (as defined by Indiana Code § 5– 22–15–20.5). The Company made certain representations to the IEDC regarding the Project in the Company’s application and the Agreement. The Company represents and warrants that all representations, statements, and all other matters contained in the application submitted by the Company to the IEDC and the Agreement are true and complete in all materials respects. B. The Company will submit an annual report not later than the 45th day following the close of each reporting year, in the form and medium provided by the IEDC, for the period beginning with the Commencement Date and for each Taxable Year through the end of the Reporting Period. The annual report, which shall be certified as true and correct by an authorized Company representative, shall contain the information listed in the annual report form provided by the IEDC, including but not limited to: (1.) The number of Full-Time Employees at the Project Location employed as of the end of the reporting year; (2.) The average wage of the Full-Time Employees at the Project Location employed at any point during the reporting year, reported on an hourly basis (whether paid hourly or not, e.g. a salaried employee); (3.) The aggregate actual W-2 payroll (box 1) of the Full-Time Employees at the Project Location employed at any point during the reporting year; (4.) The amount of Capital Investment made at the Project Location during the reporting year; (5.) The amount of qualified investment made at the Project Location during the reporting year; (6.) To substantiate items 1-4, a project employment sheet with the Full-Time Employees at the Project Location listed by employee name, including: last four
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Samples: Hoosier Business Investment Agreement, Hoosier Business Investment Tax Credit Agreement, Economic Development for a Growing Economy Tax Credit Agreement
DUTIES AND RESPONSIBILITIES OF THE COMPANY. A. The Company agrees to perform the Project as described in Paragraph 3 and shall maintain operations at the Project Location for at least the Term of the Agreement. The Company shall keep at the Project Location the Qualified Investment property that is the basis for the tax credit in Indiana for at least (i) the useful life of the property, as determined for federal income tax purposes; or (ii) ten (10) years, whichever is less. The Company shall pay an average wage to all its employees, excluding Highly Compensated Employees, in each Taxable Year that the tax credit provided herein is available, that equals at least one hundred fifty percent (150%) of the hourly minimum wage under Indiana Code § 22-2-2-4 or its equivalent. During the Term of the Agreement, the Company shall maintain, at the Project Location where the Qualified Investment is made, a total payroll that is at least equal to the payroll level that existed before the Qualified Investment was made. The Company agrees to use reasonable commercial efforts to spend its Qualified Investment with Indiana Businesses (as defined by Indiana Code § 5– 22–15–20.5). The Company made certain representations to the IEDC regarding the Project in the Company’s application and the Agreement. The Company represents and warrants that all representations, statements, and all other matters contained in the application submitted by the Company to the IEDC and the Agreement are true and complete in all materials respects.
B. The Company will submit an annual report not later than the 45th day following the close of each reporting year, in the form and medium provided by the IEDC, for the period beginning with the Commencement Date and for each Taxable Year through the end of the Reporting Period. The annual report, which shall be certified as true and correct by an authorized Company representative, shall contain the information listed in the annual report form provided by the IEDC, including but not limited to:
(1.) The number of Full-Time Employees at the Project Location employed as of the end of the reporting year;
(2.) The average wage of the Full-Time Employees at the Project Location employed at any point during the reporting year, reported on an hourly basis (whether paid hourly or not, e.g. a salaried employee);
(3.) The aggregate actual W-2 payroll (box 1) of the Full-Time Employees at the Project Location employed at any point during the reporting year;
(4.) The amount of Capital Investment made at the Project Location during the reporting year;
(5.) The amount of qualified investment made at the Project Location during the reporting year;
(6.) To substantiate items 1-4, a project employment sheet with the Full-Time Employees at the Project Location listed by employee namelast four (4) digits of Social Security number or other unique identifier, state of residence, hire date, termination date (if applicable), average wage, and required payroll information;
(7.) To substantiate item 5, a qualified investment sheet listed by each Qualified Investment, including: last fourvendor name, invoice number, invoice date, description of purchase, amount paid, and payment number (e.g., check number); and
(8.) Any other information required by the IEDC to perform its duties under Indiana Code § 6-3.1-26, as long as the Company is given notice of such requirements and reasonable time to prepare such information. The foregoing information is submitted pursuant to Indiana Code § 6–8.1–7–1 for purposes of determining the Company’s Indiana state tax liability, and the IEDC shall further treat the above information as confidential, financial information pursuant to Indiana Code § 5–14–3, unless the IEDC determines that it is prohibited from doing so by law or judicial order.
C. If the Company has engaged a Professional Employer Organization (“PEO”), as defined by Indiana Code § 27-16-2-13, either the Company or the PEO must submit to the IEDC the information required in the annual report in order for any employees of the PEO to be treated as employees of the Company as provided by Indiana Code § 27-16-3-4. The Company represents that it has entered into agreements with the PEO necessary to effectuate these reporting provisions.
D. The Company may claim the tax credits certified by the IEDC by submitting a copy of the certification to the IDOR with the Company’s annual State tax return in the manner, and with any additional information, the IDOR determines necessary to claim the credit as provided in Indiana Code § 6-3.1-13-20.
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DUTIES AND RESPONSIBILITIES OF THE COMPANY. A. The Company agrees to perform the Project as described in Paragraph 3 and shall maintain operations at the Project Location for at least the Term of the Agreement. The Company shall keep at the Project Location the Qualified Investment property that is the basis for the tax credit in Indiana for at least (i) the useful life of the property, as determined for federal income tax purposes; or (ii) ten (10) years, whichever is less. The Company shall pay an average wage to all its employees, excluding Highly Compensated Employees, in each Taxable Year that the tax credit provided herein is available, that equals at least one hundred fifty percent (150%) of the hourly minimum wage under Indiana Code § 22-2-2-4 or its equivalent. During the Term of the Agreement, the Company shall maintain, at the Project Location where the Qualified Investment is made, a total payroll that is at least equal to the payroll level that existed before the Qualified Investment was made. The Company agrees to use reasonable commercial efforts to spend its Qualified Investment with Indiana Businesses (as defined by Indiana Code § 5– 22–15–20.5). The Company made certain representations to the IEDC regarding the Project in the Company’s application and the Agreement. The Company represents and warrants that all representations, statements, and all other matters contained in the application submitted by the Company to the IEDC and the Agreement are true and complete in all materials respects.
B. The Company will submit an annual report not later than the 45th day following the close of each reporting year, in the form and medium provided by the IEDC, for the period beginning with the Commencement Date and for each Taxable Year through the end of the Reporting Period. The annual report, which shall be certified as true and correct by an authorized Company representative, shall contain the information listed in the annual report form provided by the IEDC, including but not limited to:
(1.) The number of Full-Time Employees at the Project Location employed as of the end of the reporting year;
(2.) The average wage of the Full-Time Employees at the Project Location employed at any point during the reporting year, reported on an hourly basis (whether paid hourly or not, e.g. a salaried employee);
(3.) The aggregate actual W-2 payroll (box 1) of the Full-Time Employees at the Project Location employed at any point during the reporting year;
(4.) The amount of Capital Investment made at the Project Location during the reporting year;
(5.) The amount of qualified investment Qualified Investment made at the Project Location during the reporting year;
(6.) To substantiate items 1-4, a project employment sheet with the Full-Time Employees at the Project Location listed by employee name, including: last four
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