Indiana § 5-28-42-1 - "Eligible entity"
Full text of Indiana Indiana Code § 5-28-42-1 — "Eligible entity", with citation guidance and answers to common questions.
§ 5-28-42-1. "Eligible entity"
Sec. 1. As used in this chapter, "eligible entity" means a qualified business that meets the following requirements:
(1) The qualified business had less than one hundred (100) full time employees as of December 31, 2019.
(2) The qualified business was established before October 1, 2019.
(3) The qualified business is in good standing with the state department of revenue or has entered into a payment plan approved by the state department of revenue.
(4) The qualified business was profitable in calendar year 2019, as determined by the corporation using the earnings before interest, taxes, depreciation, and amortization (EBITDA) metric.
(5) The qualified business did not have greater than ten million dollars ($10,000,000) in gross revenue during calendar year 2019.
(6) The qualified business demonstrates monthly gross revenue loss of at least thirty percent (30%) when comparing average monthly gross revenue for calendar year 2020 to average monthly gross revenue for calendar year 2019.
As added by P.L.82-2021, SEC.1.
Frequently Asked Questions About Indiana § 5-28-42-1
What does Indiana Code § 5-28-42-1 cover?
Section 5-28-42-1 (""Eligible entity"") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 5-28-42-1?
A common citation format is "Indiana Code § 5-28-42-1" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 5-28-42-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.