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Indiana Senate Bill SB0494

Indiana 2025 Regular Session

Indiana Senate Bill SB0494 Compare Versions

Only one version of the bill is available at this time.
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22 Introduced Version
33 SENATE BILL No. 494
44 _____
55 DIGEST OF INTRODUCED BILL
66 Citations Affected: IC 36-7-32.5.
77 Synopsis: State and local tax capture areas. Amends provisions
88 concerning the designation of an innovation development district to
99 add certain qualification requirements (grandfathers in those districts
1010 established under current law). Requires the Indiana economic
1111 development corporation to establish a maximum sales tax increment
1212 amount and state income tax increment amount that may be allocated
1313 for each innovation development district, which may not exceed a
1414 specified amount per state fiscal year. Adds related procedural
1515 provisions. Makes conforming changes.
1616 Effective: July 1, 2022 (retroactive); January 1, 2025 (retroactive).
1717 Mishler
1818 January 14, 2025, read first time and referred to Committee on Appropriations.
1919 2025 IN 494—LS 7506/DI 120 Introduced
2020 First Regular Session of the 124th General Assembly (2025)
2121 PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
2222 Constitution) is being amended, the text of the existing provision will appear in this style type,
2323 additions will appear in this style type, and deletions will appear in this style type.
2424 Additions: Whenever a new statutory provision is being enacted (or a new constitutional
2525 provision adopted), the text of the new provision will appear in this style type. Also, the
2626 word NEW will appear in that style type in the introductory clause of each SECTION that adds
2727 a new provision to the Indiana Code or the Indiana Constitution.
2828 Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
2929 between statutes enacted by the 2024 Regular Session of the General Assembly.
3030 SENATE BILL No. 494
3131 A BILL FOR AN ACT to amend the Indiana Code concerning
3232 taxation.
3333 Be it enacted by the General Assembly of the State of Indiana:
3434 1 SECTION 1. IC 36-7-32.5-0.5 IS ADDED TO THE INDIANA
3535 2 CODE AS A NEW SECTION TO READ AS FOLLOWS
3636 3 [EFFECTIVE JANUARY 1, 2025 (RETROACTIVE)]: Sec. 0.5. The
3737 4 amendments made to sections 9 and 12 of this chapter in the 2025
3838 5 session of the general assembly apply only to innovation
3939 6 development districts established after December 31, 2024.
4040 7 SECTION 2. IC 36-7-32.5-9, AS AMENDED BY P.L.123-2024,
4141 8 SECTION 17, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
4242 9 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 9. (a) Before the
4343 10 corporation may designate territory within the jurisdiction of a city,
4444 11 town, or county, or within the jurisdiction of more than one (1) city,
4545 12 town, or county, as an innovation development district under this
4646 13 section, the board of the corporation established under IC 5-28-4 shall
4747 14 establish uniform policies and guidelines that the corporation must
4848 15 follow when notifying and collaborating with an executive, or, if
4949 16 applicable, executives, to designate territory within the jurisdiction of
5050 17 a city, town, or county as an innovation development district under this
5151 2025 IN 494—LS 7506/DI 120 2
5252 1 section. The corporation shall publish the uniform policies and
5353 2 procedures established under this subsection on the corporation's
5454 3 website.
5555 4 (b) Subject to subsection (c), and section 12(a) of this chapter, after:
5656 5 (1) budget committee review; and
5757 6 (2) notifying and collaborating with the executive, or, if an
5858 7 innovation development district will include territory within the
5959 8 jurisdiction of more than one (1) city, town, or county, with the
6060 9 executives of each city, town, or county, in the manner provided
6161 10 under the policies and guidelines established under subsection
6262 11 (a);
6363 12 the corporation may designate only a territory that meets the
6464 13 qualifications set forth in subsection (e), within the jurisdiction of a
6565 14 city, town, or county, or territory within the jurisdiction of more than
6666 15 one (1) city, town, or county, as an innovation development district if
6767 16 the corporation determines that the designation will support economic
6868 17 growth.
6969 18 (c) Notwithstanding section 10(b) of this chapter, but subject to
7070 19 section 12(c) of this chapter, the corporation may designate territory
7171 20 that is located in an existing allocation area described in section 10(b)
7272 21 of this chapter as an innovation development district after:
7373 22 (1) budget committee review; and
7474 23 (2) obtaining consent from the executive, executives, or the board
7575 24 of any military base reuse authority, in the manner provided under
7676 25 the policies and guidelines established under subsection (a).
7777 26 (d) The requirements in subsection (c) apply to all innovation
7878 27 development districts established under this chapter regardless of the
7979 28 total costs and benefits of the proposed investment of an innovation
8080 29 development district.
8181 30 (e) The following conditions for designation of a territory must
8282 31 be met as determined by the corporation and reviewed by the
8383 32 budget committee:
8484 33 (1) A determination of support by an Indiana institution of
8585 34 higher education (as defined in IC 5-28-40-2) that is a member
8686 35 of the American Association of Universities through an
8787 36 investment of nonstate funds in an amount equal to or greater
8888 37 than twenty-five million dollars ($25,000,000) to the
8989 38 innovation development district. This investment shall be
9090 39 confirmed in writing by the corporation.
9191 40 (2) A territory must include a total investment plan of an
9292 41 amount equal to or greater than seven hundred fifty million
9393 42 dollars ($750,000,000).
9494 2025 IN 494—LS 7506/DI 120 3
9595 1 SECTION 3. IC 36-7-32.5-12, AS AMENDED BY P.L.123-2024,
9696 2 SECTION 20, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
9797 3 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 12. (a) If the total costs
9898 4 and benefits of the proposed investment of an innovation development
9999 5 district are expected to be an amount less than two billion dollars
100100 6 ($2,000,000,000), the This section applies only to an innovation
101101 7 development district that meets the qualifications set forth in
102102 8 section 9(e) of this chapter. The following apply:
103103 9 (1) The executive, or, if applicable, the executives, and the
104104 10 corporation shall enter into an agreement establishing the terms
105105 11 and conditions governing the innovation development district in
106106 12 accordance with this section.
107107 13 (2) If the executive, or, if applicable, the executives, and the
108108 14 corporation cannot enter into an agreement under subdivision (1),
109109 15 the designation of territory under section 9 of this chapter is no
110110 16 longer effective and the innovation development district may not
111111 17 be designated or otherwise established under this chapter.
112112 18 (b) The agreement must include the following provisions:
113113 19 (1) A description of the area, including a list of all parcels to be
114114 20 included within the innovation development district.
115115 21 (2) Covenants and restrictions, if any, upon all or a part of the
116116 22 properties contained within the innovation development district
117117 23 and terms of enforcement of any covenants or restrictions.
118118 24 (3) The due diligence and financial commitments of any party to
119119 25 the agreement and of any owner or developer of property within
120120 26 the innovation development district.
121121 27 (4) The financial projections of the innovation development
122122 28 district.
123123 29 (5) The proposed use of the:
124124 30 (A) net increment; and
125125 31 (B) incremental property tax amount described in section 14(c)
126126 32 14(d) of this chapter;
127127 33 that is captured within the innovation development district.
128128 34 (6) The aggregate percentage of annual incremental property tax
129129 35 revenue that will be transferred to the city, town, county, or school
130130 36 corporation, or, if applicable, the cities, towns, counties, or school
131131 37 corporations, under section 19(e) of this chapter. The aggregate
132132 38 percentage transferred may not be less than twelve percent (12%)
133133 39 of the annual amount of incremental property tax revenue
134134 40 deposited in the local innovation development district fund
135135 41 established by section 19 of this chapter.
136136 42 (7) Subject to the limitations of this chapter, the duration of the
137137 2025 IN 494—LS 7506/DI 120 4
138138 1 designation of an area as an innovation development district.
139139 2 (8) The terms of enforcement of the agreement, which may
140140 3 include the definition of events of default, cure periods, legal and
141141 4 equitable remedies and rights, and penalties and damages, actual
142142 5 or liquidated, upon the occurrence of an event of default.
143143 6 (9) The public facilities to be developed for the innovation
144144 7 development district and the estimated costs of those public
145145 8 facilities.
146146 9 (c) If an innovation development district will include territory
147147 10 located in an existing allocation area described in section 10(b) of this
148148 11 chapter, the executive, or, if applicable, the executives, and the
149149 12 corporation shall enter into an agreement establishing the terms and
150150 13 conditions governing the innovation development district in accordance
151151 14 with this section. The agreement must include the following provisions:
152152 15 (1) The provisions listed in subsection (b)(1) through (b)(9).
153153 16 (2) A provision prohibiting the city, county, town, or other entity
154154 17 that established the applicable existing allocation area described
155155 18 in section 10(b) of this chapter from incurring any additional
156156 19 obligations that require a pledge of future incremental property
157157 20 tax revenue to be paid from the applicable existing allocation area
158158 21 described in section 10(b) of this chapter without first obtaining
159159 22 the consent of the corporation.
160160 23 (3) A provision requiring the maintenance of all applicable
161161 24 property tax records for the parcel or parcels located within the
162162 25 innovation development district during the term of the innovation
163163 26 development district.
164164 27 If the executive, or, if applicable, the executives, and the corporation
165165 28 cannot enter into an agreement under this subsection, the designation
166166 29 of territory under section 9 of this chapter is no longer effective and the
167167 30 innovation development district may not be designated or otherwise
168168 31 established under this chapter.
169169 32 (d) An executive may discuss the terms of an agreement described
170170 33 in this section and hold a meeting as an executive session under
171171 34 IC 5-14-1.5-6.1 with:
172172 35 (1) in the case of a city other than a consolidated city, the
173173 36 common council;
174174 37 (2) in the case of a consolidated city, or a county having a
175175 38 consolidated city, the city-county council;
176176 39 (3) in the case of a town, the town council; and
177177 40 (4) in the case of a county that does not have a consolidated city,
178178 41 the board of county commissioners.
179179 42 (e) Within fifteen (15) days of entering into an agreement under
180180 2025 IN 494—LS 7506/DI 120 5
181181 1 subsection (a), the corporation shall:
182182 2 (1) submit a written report on the agreement to the budget
183183 3 committee; and
184184 4 (2) provide notification of the designation to the department
185185 5 of state revenue and the department of local government
186186 6 finance.
187187 7 (f) Neither an executive nor the corporation may exercise the power
188188 8 of eminent domain within an innovation development district.
189189 9 SECTION 4. IC 36-7-32.5-13, AS ADDED BY P.L.135-2022,
190190 10 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
191191 11 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 13. If an innovation
192192 12 development district is designated, under section 9 of this chapter or
193193 13 described under section 12 of this chapter, each executive shall
194194 14 designate the innovation development district as an allocation area for
195195 15 purposes of the allocation and distribution of property taxes. Each
196196 16 executive shall, prior to August 1 of the year following the
197197 17 designation, set the base assessed value of the allocation area and
198198 18 provide notice of the base assessed value provide notice of the
199199 19 designation to the department of local government finance, the
200200 20 county auditor, and to each taxing unit that has authority to levy
201201 21 property taxes in the geographic area where the innovation
202202 22 development district is located. The notice must state the general
203203 23 boundaries of the innovation development district and include a list the
204204 24 mailing address of all parcels to be included within the innovation
205205 25 development district.
206206 26 SECTION 5. IC 36-7-32.5-14, AS AMENDED BY P.L.123-2024,
207207 27 SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
208208 28 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 14. (a) An allocation area
209209 29 designated under section 13 of this chapter must:
210210 30 (1) apply to the entire innovation development district; and
211211 31 (2) require that any property tax assessed on taxable real and
212212 32 personal property used for commercial or industrial purposes
213213 33 subsequently levied by or for the benefit of any public body
214214 34 entitled to a distribution of property taxes in the innovation
215215 35 development district be allocated and distributed as provided in
216216 36 subsections (b) and (c). (d).
217217 37 (b) Except as otherwise provided in this section:
218218 38 (1) the proceeds of the taxes attributable to the lesser of:
219219 39 (A) the assessed value of the taxable real and personal
220220 40 property for the assessment date with respect to which the
221221 41 allocation and distribution is made; or
222222 42 (B) the base assessed value;
223223 2025 IN 494—LS 7506/DI 120 6
224224 1 shall be allocated and, when collected, paid into the funds of the
225225 2 respective taxing units; and
226226 3 (2) the excess of the proceeds of the property taxes imposed for
227227 4 the assessment date with respect to which the allocation and
228228 5 distribution is made that are attributable to taxes imposed after
229229 6 being approved by the voters in a referendum or local public
230230 7 question conducted after April 30, 2010, not otherwise included
231231 8 in subdivision (1) shall be allocated to and, when collected, paid
232232 9 into the funds of the taxing unit for which the referendum or local
233233 10 public question was conducted.
234234 11 (c) Property tax proceeds shall not be allocated under this
235235 12 section before January 1 of the year following the year the base
236236 13 assessed value is determined under section 13 of this chapter.
237237 14 (c) (d) Except as provided in subsections (d) (e) and (e), (f), all the
238238 15 property tax proceeds that:
239239 16 (1) exceed those described in subsection (b); and
240240 17 (2) are attributable to the assessed value of taxable real and
241241 18 personal property used for commercial or industrial purposes;
242242 19 shall be paid into the appropriate local innovation development district
243243 20 fund established by section 19 of this chapter by the county auditor at
244244 21 the same time that the county auditor distributes property taxes to other
245245 22 local units of government under IC 6-1.1-27. Any remaining property
246246 23 tax proceeds that exceed those described in subsection (b) that are not
247247 24 described in subdivision (2) shall be allocated and, when collected,
248248 25 paid into the funds of the respective taxing units.
249249 26 (d) (e) Notwithstanding any provision to the contrary in this section,
250250 27 if an innovation development district that is designated as an allocation
251251 28 area under section 13 of this chapter includes territory located in an
252252 29 existing allocation area described in section 10(b) of this chapter, the
253253 30 county auditor shall continue to allocate to the existing allocation area
254254 31 described in section 10(b) of this chapter any incremental property tax
255255 32 revenues that would otherwise be allocated to the existing allocation
256256 33 area described in section 10(b) of this chapter as if the innovation
257257 34 development district had not been designated under this chapter, until
258258 35 the existing allocation area described in section 10(b) of this chapter
259259 36 expires.
260260 37 (e) (f) Notwithstanding any other law, each assessor shall, upon
261261 38 petition of an executive or the corporation, reassess the taxable real and
262262 39 personal property situated upon or in, or added to, the innovation
263263 40 development district effective on the next assessment date after the
264264 41 petition.
265265 42 (f) (g) Notwithstanding any other law, the assessed value of all
266266 2025 IN 494—LS 7506/DI 120 7
267267 1 taxable real and personal property in the innovation development
268268 2 district, for purposes of tax limitation, property tax replacement, and
269269 3 formulation of the budget, tax rate, and tax levy for each political
270270 4 subdivision in which the property is located is the lesser of:
271271 5 (1) the assessed value of the taxable real and personal property as
272272 6 valued without regard to this section; or
273273 7 (2) the base assessed value.
274274 8 SECTION 6. IC 36-7-32.5-17, AS AMENDED BY P.L.201-2023,
275275 9 SECTION 277, IS AMENDED TO READ AS FOLLOWS
276276 10 [EFFECTIVE JANUARY 1, 2025 (RETROACTIVE)]: Sec. 17. (a) If
277277 11 an innovation development district is designated under section 9 of this
278278 12 chapter, the corporation shall send to the department of state revenue,
279279 13 prior to August 1 of the calendar year following the designation
280280 14 date:
281281 15 (1) a certified copy of the designation of the innovation
282282 16 development district under section 9 of this chapter, including
283283 17 the date of designation;
284284 18 (2) if an agreement is entered into under section 12 of this
285285 19 chapter, a certified copy of the agreement; and
286286 20 (3) a complete list of the employers and businesses that are paying
287287 21 for the services of individuals who are not employees in the
288288 22 innovation development district and the street names and the
289289 23 range of street numbers of each mailing address on each street
290290 24 in the innovation development district. The corporation shall
291291 25 provide, within ten (10) days of a request, any follow up
292292 26 information requested by the department of state revenue.
293293 27 (b) The corporation shall update and send to the department of
294294 28 state revenue the list provided under subdivision (3) subsection (a)(3)
295295 29 before July 1 of each year.
296296 30 (b) Not later than sixty (60) days after receiving a copy of the
297297 31 designation of the innovation development district, the department of
298298 32 state revenue shall determine the gross retail base period amount and
299299 33 the income tax base period amount.
300300 34 SECTION 7. IC 36-7-32.5-18, AS ADDED BY P.L.135-2022,
301301 35 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
302302 36 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 18. (a) The department
303303 37 of state revenue shall set the gross retail base period amount and
304304 38 the income tax base period amount prior to October 1 of the
305305 39 calendar year following the designation date of an innovation
306306 40 development district. The department of state revenue is entitled
307307 41 to request and receive, within ten (10) days following the request,
308308 42 any information necessary from the corporation and executive, or
309309 2025 IN 494—LS 7506/DI 120 8
310310 1 executives, in order to determine the gross retail base period
311311 2 amount and the income tax base period amount.
312312 3 (b) Revenue collected under the adjusted gross income tax and
313313 4 gross retail tax shall not be allocated under this section before
314314 5 January 1 of the year following the year the base period amounts
315315 6 are determined under subsection (a).
316316 7 (a) (c) Before the first business day in October of each year, the
317317 8 department of state revenue shall calculate the income tax incremental
318318 9 amount and the gross retail incremental amount for the preceding state
319319 10 fiscal year for each innovation development district designated under
320320 11 this chapter.
321321 12 (b) (d) Taxpayers operating in an innovation development district
322322 13 shall report annually, in the manner and form prescribed by the
323323 14 department of state revenue, information that the department of state
324324 15 revenue determines necessary to calculate the net increment.
325325 16 (c) (e) A taxpayer operating in an innovation development district
326326 17 that files a consolidated tax return with the department of state revenue
327327 18 shall also file annually an informational return with the department of
328328 19 state revenue for each business location of the taxpayer within the
329329 20 innovation development district.
330330 21 (d) (f) If a taxpayer fails to report the information required by this
331331 22 section or file an informational return required by this section, the
332332 23 department of state revenue shall use the best information available in
333333 24 calculating the income tax incremental amount and gross retail
334334 25 incremental amount.
335335 26 (e) (g) The department of state revenue shall transfer the amount
336336 27 calculated as provided in subsection (a) (c) to the applicable local
337337 28 innovation development district fund established for the innovation
338338 29 development district under section 19 of this chapter by November 1
339339 30 of each year.
340340 31 SECTION 8. IC 36-7-32.5-18.5 IS ADDED TO THE INDIANA
341341 32 CODE AS A NEW SECTION TO READ AS FOLLOWS
342342 33 [EFFECTIVE JULY 1, 2022 (RETROACTIVE)]: Sec. 18.5. (a) Upon
343343 34 designation of an innovation development district, the corporation
344344 35 shall establish a maximum annual incremental amount of gross
345345 36 retail tax and adjusted gross income tax that may be allocated for
346346 37 each innovation development district, not to exceed the lesser of:
347347 38 (1) ten percent (10%) of the total cost and benefits of the
348348 39 proposed investment; or
349349 40 (2) fifteen million dollars ($15,000,000);
350350 41 per state fiscal year.
351351 42 (b) The corporation shall report the maximum allocation
352352 2025 IN 494—LS 7506/DI 120 9
353353 1 amount determined under subsection (a) for each innovation
354354 2 development district to the budget committee within thirty (30)
355355 3 days of the determination.
356356 4 (c) Each state fiscal year, the combined allocated amounts of
357357 5 the:
358358 6 (1) income tax incremental amount; and
359359 7 (2) gross retail incremental amount;
360360 8 shall not exceed the maximum amount determined under
361361 9 subsection (a).
362362 10 SECTION 9. IC 36-7-32.5-19, AS ADDED BY P.L.135-2022,
363363 11 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
364364 12 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 19. (a) The corporation
365365 13 shall establish a local innovation development district fund for each
366366 14 innovation development district designated under section 9 of this
367367 15 chapter.
368368 16 (b) Each fund consists of:
369369 17 (1) deposits of incremental property tax revenue from the county
370370 18 auditor as provided in section 14(c) 14(d) of this chapter; and
371371 19 (2) transfers from the department of state revenue under section
372372 20 18 of this chapter.
373373 21 (c) The corporation shall administer each local innovation
374374 22 development district fund established under this section. The expenses
375375 23 of administering each fund shall be paid from money in that fund.
376376 24 (d) The corporation may use money in each fund as follows:
377377 25 (1) If an agreement described in section 12 of this chapter has
378378 26 been entered into between the corporation and the executive, or,
379379 27 if applicable, the executives, for any purpose authorized in the
380380 28 agreement.
381381 29 (2) If an agreement described in section 12 of this chapter has not
382382 30 been entered into between the corporation and the executive, or,
383383 31 if applicable, the executives, for the following purposes:
384384 32 (A) The acquisition, improvement, preparation, demolition,
385385 33 disposal, construction, reconstruction, remediation,
386386 34 rehabilitation, restoration, preservation, maintenance, repair,
387387 35 furnishing, and equipping of public facilities, including but not
388388 36 limited to utilities and transportation infrastructure.
389389 37 (B) The operation of public facilities.
390390 38 (C) The acquisition of land within the innovation development
391391 39 district.
392392 40 (D) The recruitment of new businesses and new employees to
393393 41 the innovation development district.
394394 42 (E) The training of individuals employed in the innovation
395395 2025 IN 494—LS 7506/DI 120 10
396396 1 development district.
397397 2 (e) Not later than August 1 of each year, the corporation shall
398398 3 transfer,
399399 4 (1) if an agreement described in section 12 of this chapter has
400400 5 been entered into between the corporation and the executive, or
401401 6 if applicable, the executives, the amount of incremental property
402402 7 tax revenues determined in the agreement, and which may not be
403403 8 less than twelve percent (12%) of the annual amount of
404404 9 incremental property tax revenues,
405405 10 (2) if an agreement described in section 12 of this chapter has not
406406 11 been entered into between the corporation and the executive, or
407407 12 if applicable, the executives, an amount of incremental property
408408 13 tax revenues that may not be less than twelve percent (12%) of
409409 14 the annual amount of incremental property tax revenue deposited
410410 15 under subsection (b)(1);
411411 16 to the general fund of each city, town, county, or school corporation
412412 17 with territory located within the innovation development district. If the
413413 18 corporation is required to transfer funds to more than one (1) city,
414414 19 town, county, or school corporation under this subsection, the amount
415415 20 transferred to each city, town, county, and school corporation must be
416416 21 allocated among each city, town, county, and school corporation
417417 22 proportionately based on each city's, town's, county's, and school
418418 23 corporation's property tax levy applied to property located within the
419419 24 innovation development district. A transfer under this subsection does
420420 25 not reduce the actual or maximum permissible levy of a city, town,
421421 26 county, or school corporation and may not be considered in
422422 27 determining a city's, town's, county's, or school corporation's maximum
423423 28 permissible ad valorem property tax levy limit under IC 6-1.1-18.5.
424424 29 (f) Each state fiscal year, the corporation may, after making the
425425 30 transfer required under subsection (e) and satisfying all debt service
426426 31 obligations due and payable during the state fiscal year for bonds
427427 32 issued under IC 5-1.2-4-4(a)(2), transfer from each local innovation
428428 33 development district fund to the statewide innovation development
429429 34 district fund established by section 20 of this chapter an amount not to
430430 35 exceed one hundred percent (100%) of the net incremental revenue
431431 36 derived from state income taxes and gross retail taxes deposited into
432432 37 each fund during the immediately preceding state fiscal year.
433433 38 (g) Money in each local innovation development district fund at the
434434 39 end of a state fiscal year does not revert to the state general fund.
435435 40 (h) Money in each local innovation development district fund is
436436 41 continuously appropriated for the purposes specified in this section.
437437 42 SECTION 10. IC 36-7-32.5-21 IS REPEALED [EFFECTIVE
438438 2025 IN 494—LS 7506/DI 120 11
439439 1 JANUARY 1, 2025 (RETROACTIVE)]. Sec. 21. (a) Except as
440440 2 provided in subsection (b), money in the statewide innovation
441441 3 development district fund established by section 20 of this chapter at
442442 4 the end of the state fiscal year does not revert to the state general fund.
443443 5 (b) Notwithstanding subsection (a), if the unobligated balance of the
444444 6 statewide innovation development district fund established by section
445445 7 20 of this chapter exceeds five hundred million dollars ($500,000,000)
446446 8 at the close of any state fiscal year, the amount of funds in excess of
447447 9 five hundred million dollars ($500,000,000) shall be transferred to the
448448 10 state general fund.
449449 11 (c) Money in the fund is continuously appropriated for the purposes
450450 12 of this chapter.
451451 13 SECTION 11. An emergency is declared for this act.
452452 2025 IN 494—LS 7506/DI 120