"Substantial presence"

Sec. 4.5. (a) As used in this chapter, "substantial presence" means: (1) maintaining a company headquarters in Indiana; or (2) maintaining at least seventy-five percent (75%) of a company's total payroll in Indiana. (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.