A state bill that would eliminate multiple tax credits utilized by urban enterprise zones will be heard by a Senate committee Tuesday.
Michael Ladd, executive director of the New Albany Urban Enterprise Zone Association, said Friday he learned the bill will be brought before the Tax and Fiscal Policy Committee for a possible vote.
The committee is chaired by Republican Senator Brandt Hershman, who authored the bill. Calls to Hershman for comment on the bill this week were not returned.
Ladd called the legislation catastrophic for enterprise zones, especially New Albany. The New Albany zone has utilized the loan interest and investment cost credits for several businesses.
Those incentives would be among the credits removed from the tax code if the bill passed the General Assembly and was signed into law.
“If you’re going to be competitive, you’re going to have to be able to offer incentives,” Ladd said. “[The bill] would kill the program.”
Ladd is urging Clark and Floyd residents to call Senator Connie Sipes and protest the bill. Sipes said earlier this week that she was still reviewing the bill.
Sipes can be reached by e-mail at s46@in.gov.
Floyd County
Senate committee to hear state bill Tuesday
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