*SB0516.2*
February 14, 2025
SENATE BILL No. 516
_____
DIGEST OF SB 516 (Updated February 13, 2025 11:35 am - DI 120)
Citations Affected: IC 4-3; IC 5-28; IC 36-7.
Synopsis: Economic development. Establishes the office of
entrepreneurship and innovation (office). Specifies the duties of the
office. Provide for the submission of an annual report of the activities
of an innovation development district as to financial information
pertaining to tax increment financing districts in an innovation
development district to the: (1) fiscal body of the county, city, or town;
and (2) department of local government finance. Requires the Indiana
economic development corporation (IEDC), before purchasing land in
a county that exceeds 100 acres, to first give notice to the county or
municipality, or both, in which the land is located not later than 30 days
before the closing date for the purchase. Require the governor to
appoint the president of the IEDC, who shall serve at the pleasure of
the governor and report to the secretary of commerce. (Under current
law, the secretary of commerce is the president of the IEDC.)
Effective: Upon passage; July 1, 2025.
Buchanan, Ford J.D.,
Randolph Lonnie M
January 16, 2025, read first time and referred to Committee on Commerce and Technology.
February 6, 2025, amended, reported favorably — Do Pass; reassigned to Committee on
Appropriations.
February 13, 2025, amended, reported favorably — Do Pass.
SB 516—LS 7310/DI 120 February 14, 2025
First Regular Session of the 124th General Assembly (2025)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2024 Regular Session of the General Assembly.
SENATE BILL No. 516
A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 4-3-28.1 IS ADDED TO THE INDIANA CODE
2 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
3 JULY 1, 2025]:
4 Chapter 28.1. Office of Entrepreneurship and Innovation
5 Sec. 1. As used in this chapter, "director" refers to the director
6 of the office of entrepreneurship and innovation appointed under
7 section 4 of this chapter.
8 Sec. 2. As used in this chapter, "office" refers to the office of
9 entrepreneurship and innovation established by section 3 of this
10 chapter.
11 Sec. 3. The office of entrepreneurship and innovation is
12 established.
13 Sec. 4. (a) The governor shall appoint an individual to be the
14 director of the office of entrepreneurship and innovation.
15 (b) The director:
SB 516—LS 7310/DI 120 2
1 (1) serves at the governor's pleasure;
2 (2) is entitled to receive compensation in an amount set by the
3 governor subject to the approval of the budget agency under
4 IC 4-12-1-13; and
5 (3) is responsible to the secretary of commerce.
6 (c) The director may appoint employees in the manner provided
7 by IC 4-15-2.2 and fix their compensation, subject to the approval
8 of the budget agency under IC 4-12-1-13.
9 (d) The director may delegate the director's authority to the
10 appropriate office staff.
11 Sec. 5. The office shall do the following:
12 (1) Develop and administer programs to support the growth
13 of small business, entrepreneurship, and innovation in
14 Indiana.
15 (2) Direct and oversee programs and sources of funding
16 related to the growth of small business, entrepreneurship,
17 technology, and innovation in Indiana.
18 (3) Work to strengthen policies and programs supporting the
19 growth of entrepreneurship in Indiana.
20 (4) Coordinate with state agencies and other state funded
21 entities to align services and programs related to
22 entrepreneurship and starting and scaling a business.
23 (5) Work with funded entities on identifying strategies and
24 metrics around the disbursement of funds to measure funds
25 reaching rural communities and other underrepresented
26 socioeconomic communities.
27 (6) Work with stakeholders and organizations supporting
28 entrepreneurship to enhance learning and skills, provide
29 technical support, and expand access to resources for
30 entrepreneurs across Indiana.
31 (7) Develop and administer programs to support and
32 encourage youth entrepreneurship, including supporting
33 students and teachers in fostering entrepreneurial skills.
34 Sec. 6. The office may adopt rules under IC 4-22-2 to carry out
35 the duties, purposes, and functions of this chapter.
36 SECTION 2. IC 5-28-3-4, AS AMENDED BY P.L.197-2021,
37 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
38 UPON PASSAGE]: Sec. 4. (a) The governor shall appoint the secretary
39 of commerce, who shall serve at the pleasure of the governor. The
40 secretary of commerce is the chief executive officer and president of
41 the corporation.
42 (b) The governor shall appoint the president of the corporation,
SB 516—LS 7310/DI 120 3
1 who shall serve at the pleasure of the governor. The president shall
2 report to the secretary of commerce.
3 SECTION 3. IC 5-28-5-2, AS ADDED BY P.L.4-2005, SECTION
4 34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1,
5 2025]: Sec. 2. (a) Subject to subsection (b), the corporation is granted
6 all powers necessary or appropriate to carry out the corporation's public
7 and corporate purposes under this chapter.
8 (b) Before the corporation may purchase land in a county that
9 in total exceeds one hundred (100) acres whether acquired in one
10 (1) transaction or a series of transactions, the corporation must
11 first give notice to the county or municipality, or both, in which the
12 land is located not later than thirty (30) days before the closing
13 date for the purchase or purchases.
14 SECTION 4. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
15 CODE AS A NEW SECTION TO READ AS FOLLOWS
16 [EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
17 of each year, the corporation and the executive of a county, city, or
18 town in which an innovation development district is designated
19 under section 9 of this chapter shall submit a report setting out the
20 innovation development district's activities during the preceding
21 calendar year to the:
22 (1) fiscal body of the county, city, or town; and
23 (2) department of local government finance in an electronic
24 format.
25 (b) The report required under subsection (a) must include the
26 following information set forth for each innovation development
27 district regarding the previous year:
28 (1) Revenues received.
29 (2) Expenses paid.
30 (3) Fund balances.
31 (4) The amount and maturity date for all outstanding
32 obligations.
33 (5) The amount paid on outstanding obligations.
34 (6) A list of all the parcels and the depreciable personal
35 property of any designated taxpayer included in each tax
36 increment financing district allocation area and the base
37 assessed value and incremental assessed value for each parcel
38 and the depreciable personal property of any designated
39 taxpayer in the list.
40 (7) Amounts distributed to cities, towns, counties, or school
41 corporations as described in section 19(e) of this chapter.
42 SECTION 5. An emergency is declared for this act.
SB 516—LS 7310/DI 120 4
COMMITTEE REPORT
Mr. President: The Senate Committee on Commerce and
Technology, to which was referred Senate Bill No. 516, has had the
same under consideration and begs leave to report the same back to the
Senate with the recommendation that said bill be AMENDED as
follows:
Page 1, delete lines 1 through 15.
Delete pages 2 through 5.
Page 6, delete lines 1 through 32, begin a new paragraph and insert:
"SECTION 1. IC 4-3-28.1 IS ADDED TO THE INDIANA CODE
AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]:
Chapter 28.1. Office of Entrepreneurship and Innovation
Sec. 1. As used in this chapter, "director" refers to the director
of the office of entrepreneurship and innovation appointed under
section 4 of this chapter.
Sec. 2. As used in this chapter, "office" refers to the office of
entrepreneurship and innovation established by section 3 of this
chapter.
Sec. 3. The office of entrepreneurship and innovation is
established.
Sec. 4. (a) The governor shall appoint an individual to be the
director of the office of entrepreneurship and innovation.
(b) The director:
(1) serves at the governor's pleasure;
(2) is entitled to receive compensation in an amount set by the
governor subject to the approval of the budget agency under
IC 4-12-1-13; and
(3) is responsible to the secretary of commerce.
(c) The director may appoint employees in the manner provided
by IC 4-15-2.2 and fix their compensation, subject to the approval
of the budget agency under IC 4-12-1-13.
(d) The director may delegate the director's authority to the
appropriate office staff.
Sec. 5. The office shall do the following:
(1) Develop and administer programs to support the growth
of small business, entrepreneurship, and innovation in
Indiana.
(2) Direct and oversee programs and sources of funding
related to the growth of small business, entrepreneurship,
technology, and innovation in Indiana.
(3) Work to strengthen policies and programs supporting the
SB 516—LS 7310/DI 120 5
growth of entrepreneurship in Indiana.
(4) Coordinate with state agencies and other state funded
entities to align services and programs related to
entrepreneurship and starting and scaling a business.
(5) Work with funded entities on identifying strategies and
metrics around the disbursement of funds to measure funds
reaching rural communities and other underrepresented
socioeconomic communities.
(6) Work with stakeholders and organizations supporting
entrepreneurship to enhance learning and skills, provide
technical support, and expand access to resources for
entrepreneurs across Indiana.
(7) Develop and administer programs to support and
encourage youth entrepreneurship, including supporting
students and teachers in fostering entrepreneurial skills.
Sec. 6. The office may adopt rules under IC 4-22-2 to carry out
the duties, purposes, and functions of this chapter.
SECTION 2. IC 5-28-3-4, AS AMENDED BY P.L.197-2021,
SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 4. (a) The governor shall appoint the secretary
of commerce, who shall serve at the pleasure of the governor. The
secretary of commerce is the chief executive officer and president of
the corporation.
(b) The governor shall appoint the president of the corporation,
who shall serve at the pleasure of the governor. The president shall
report to the secretary of commerce.".
Page 7, delete lines 2 through 32.
Page 9, after line 38, begin a new paragraph and insert:
"SECTION 9. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
of each year, the corporation and the executive of a county, city, or
town in which an innovation development district is designated
under section 9 of this chapter shall submit a report setting out the
innovation development district's activities during the preceding
calendar year to the:
(1) fiscal body of the county, city, or town; and
(2) department of local government finance in an electronic
format.
(b) The report required under subsection (a) must include the
following information set forth for each innovation development
district regarding the previous year:
SB 516—LS 7310/DI 120 6
(1) Revenues received.
(2) Expenses paid.
(3) Fund balances.
(4) The amount and maturity date for all outstanding
obligations.
(5) The amount paid on outstanding obligations.
(6) A list of all the parcels and the depreciable personal
property of any designated taxpayer included in each tax
increment financing district allocation area and the base
assessed value and incremental assessed value for each parcel
and the depreciable personal property of any designated
taxpayer in the list.
(7) Amounts distributed to cities, towns, counties, or school
corporations as described in section 19(e) of this chapter.
SECTION 10. An emergency is declared for this act.".
Renumber all SECTIONS consecutively.
and when so amended that said bill do pass and be reassigned to the
Senate Committee on Appropriations.
(Reference is to SB 516 as introduced.)
BUCHANAN, Chairperson
Committee Vote: Yeas 10, Nays 0.
_____
COMMITTEE REPORT
Mr. President: The Senate Committee on Appropriations, to which
was referred Senate Bill No. 516, has had the same under consideration
and begs leave to report the same back to the Senate with the
recommendation that said bill be AMENDED as follows:
Page 3, delete lines 14 through 42.
Delete page 4.
Page 5, delete lines 1 through 19.
Renumber all SECTIONS consecutively.
and when so amended that said bill do pass.
(Reference is to SB 516 as printed February 7, 2025.)
MISHLER, Chairperson
Committee Vote: Yeas 11, Nays 0.
SB 516—LS 7310/DI 120