Indiana Code 6-3.1-24-4.5. “Substantial presence”
Current as of: 2023 | Check for updates
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Sec. 4.5. (a) As used in this chapter, “substantial presence” means:
(2) maintaining at least seventy-five percent (75%) of a company’s total payroll in Indiana.
(1) maintaining a company headquarters in Indiana; or
Terms Used In Indiana Code 6-3.1-24-4.5
- qualified Indiana investment fund: means any private fund that meets the definition of a venture capital fund in 17 C. See Indiana Code 6-3.1-24-2.5
- qualified investment capital: means debt or equity capital that is provided to a qualified Indiana business or a qualified Indiana investment fund after December 31, 2003. See Indiana Code 6-3.1-24-3
- substantial presence: means :
Indiana Code 6-3.1-24-4.5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) Notwithstanding subsection (a), a company receiving qualified investment capital from a qualified Indiana investment fund shall be considered to have substantial presence in Indiana if the company commits to relocate:
(1) its headquarters; or
(2) seventy-five percent (75%) of its total payroll;
to Indiana within one (1) year of receiving qualified investment capital from a qualified Indiana investment fund.
As added by P.L.165-2021, SEC.78.