IN
Indiana Senate Bill SB0516

Indiana 2025 Regular Session

Indiana Senate Bill SB0516 Compare Versions

OldNewDifferences
1+*ES0516.1*
2+March 27, 2025
3+ENGROSSED
4+SENATE BILL No. 516
5+_____
6+DIGEST OF SB 516 (Updated March 26, 2025 5:05 pm - DI 134)
7+Citations Affected: IC 4-3; IC 5-28; IC 6-1.1; IC 36-7; IC 36-7.7.
8+Synopsis: Economic development. Establishes the office of
9+entrepreneurship and innovation (office). Specifies the duties of the
10+office. Transfers oversight responsibilities of certified technology parks
11+from the Indiana economic development corporation (IEDC) to the
12+office. Provides for the submission of an annual report of the activities
13+of an innovation development district as to financial information
14+pertaining to tax increment financing districts in an innovation
15+development district to the: (1) fiscal body of the county, city, or town;
16+and (2) department of local government finance. Provides that before
17+the IEDC may purchase land in a county that in total exceeds 100 acres
18+whether acquired in one transaction or a series of transactions, the
19+IEDC must first give notice, in writing, to the board of county
20+commissioners of the county in which the land is located (and to the
21+mayor of a city if the land is located within a city) not later than 30
22+days before the closing date for the purchase or purchases. Requires the
23+(Continued next page)
24+Effective: Upon passage; July 1, 2025.
25+Buchanan, Raatz, Ford J.D.,
26+Randolph Lonnie M
27+(HOUSE SPONSORS — LOPEZ, TESHKA, O'BRIEN)
28+January 16, 2025, read first time and referred to Committee on Commerce and Technology.
29+February 6, 2025, amended, reported favorably — Do Pass; reassigned to Committee on
30+Appropriations.
31+February 13, 2025, amended, reported favorably — Do Pass.
32+February 17, 2025, read second time, amended, ordered engrossed.
33+February 18, 2025, engrossed.
34+February 20, 2025, read third time, passed. Yeas 49, nays 0.
35+HOUSE ACTION
36+March 3, 2025, read first time and referred to Committee on Ways and Means.
37+March 27, 2025, amended, reported — Do Pass.
38+ES 516—LS 7310/DI 120 Digest Continued
39+IEDC to provide to the budget committee a copy of the notice being
40+provided to the local unit in which certain land is being purchased.
41+Provides that if the IEDC extends an offer to one or more voting or
42+nonvoting members of the budget committee to tour a potential
43+economic development site that may receive state assistance in
44+undertaking the project, the IEDC shall simultaneously extend the same
45+offer to all voting and nonvoting members of the budget committee.
46+Requires the governor to appoint the president of the IEDC, who shall
47+serve at the pleasure of the governor and report to the secretary of
48+commerce. (Under current law, the secretary of commerce is the
49+president of the IEDC.) Repeals the statute that expires the central
50+Indiana regional development authority.
51+ES 516—LS 7310/DI 120ES 516—LS 7310/DI 120 March 27, 2025
152 First Regular Session of the 124th General Assembly (2025)
253 PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
354 Constitution) is being amended, the text of the existing provision will appear in this style type,
455 additions will appear in this style type, and deletions will appear in this style type.
556 Additions: Whenever a new statutory provision is being enacted (or a new constitutional
657 provision adopted), the text of the new provision will appear in this style type. Also, the
758 word NEW will appear in that style type in the introductory clause of each SECTION that adds
859 a new provision to the Indiana Code or the Indiana Constitution.
960 Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
1061 between statutes enacted by the 2024 Regular Session of the General Assembly.
11-SENATE ENROLLED ACT No. 516
12-AN ACT to amend the Indiana Code concerning state and local
13-administration.
62+ENGROSSED
63+SENATE BILL No. 516
64+A BILL FOR AN ACT to amend the Indiana Code concerning state
65+and local administration.
1466 Be it enacted by the General Assembly of the State of Indiana:
15-SECTION 1. IC 4-3-28.1 IS ADDED TO THE INDIANA CODE
67+1 SECTION 1. IC 4-3-28.1 IS ADDED TO THE INDIANA CODE
68+2 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
69+3 JULY 1, 2025]:
70+4 Chapter 28.1. Office of Entrepreneurship and Innovation
71+5 Sec. 1. As used in this chapter, "director" refers to the director
72+6 of the office of entrepreneurship and innovation appointed under
73+7 section 4 of this chapter.
74+8 Sec. 2. As used in this chapter, "office" refers to the office of
75+9 entrepreneurship and innovation established by section 3 of this
76+10 chapter.
77+11 Sec. 3. The office of entrepreneurship and innovation is
78+12 established.
79+13 Sec. 4. (a) The governor shall appoint an individual to be the
80+14 director of the office of entrepreneurship and innovation.
81+15 (b) The director:
82+ES 516—LS 7310/DI 120 2
83+1 (1) serves at the governor's pleasure;
84+2 (2) is entitled to receive compensation in an amount set by the
85+3 governor subject to the approval of the budget agency under
86+4 IC 4-12-1-13; and
87+5 (3) is responsible to the secretary of commerce.
88+6 (c) The director may appoint employees in the manner provided
89+7 by IC 4-15-2.2 and fix their compensation, subject to the approval
90+8 of the budget agency under IC 4-12-1-13.
91+9 (d) The director may delegate the director's authority to the
92+10 appropriate office staff.
93+11 Sec. 5. The office shall do the following:
94+12 (1) Develop and administer programs to support the growth
95+13 of small business, entrepreneurship, and innovation in
96+14 Indiana.
97+15 (2) Direct and oversee programs and sources of funding
98+16 related to the growth of small business, entrepreneurship,
99+17 technology, and innovation in Indiana.
100+18 (3) Work to strengthen policies and programs supporting the
101+19 growth of entrepreneurship in Indiana.
102+20 (4) Coordinate with state agencies and other state funded
103+21 entities to align services and programs related to
104+22 entrepreneurship and starting and scaling a business.
105+23 (5) Work with funded entities on identifying strategies and
106+24 metrics around the disbursement of funds to measure funds
107+25 reaching rural communities and other underrepresented
108+26 socioeconomic communities.
109+27 (6) Work with stakeholders and organizations supporting
110+28 entrepreneurship to enhance learning and skills, provide
111+29 technical support, and expand access to resources for
112+30 entrepreneurs across Indiana.
113+31 (7) Develop and administer programs to support and
114+32 encourage youth entrepreneurship, including supporting
115+33 students and teachers in fostering entrepreneurial skills.
116+34 Sec. 6. The office may adopt rules under IC 4-22-2 to carry out
117+35 the duties, purposes, and functions of this chapter.
118+36 SECTION 2. IC 5-28-3-4, AS AMENDED BY P.L.197-2021,
119+37 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
120+38 UPON PASSAGE]: Sec. 4. (a) The governor shall appoint the secretary
121+39 of commerce, who shall serve at the pleasure of the governor. The
122+40 secretary of commerce is the chief executive officer and president of
123+41 the corporation.
124+42 (b) The governor shall appoint the president of the corporation,
125+ES 516—LS 7310/DI 120 3
126+1 who shall serve at the pleasure of the governor. The president shall
127+2 report to the secretary of commerce.
128+3 SECTION 3. IC 5-28-5-2, AS ADDED BY P.L.4-2005, SECTION
129+4 34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1,
130+5 2025]: Sec. 2. (a) Subject to subsection (b), the corporation is granted
131+6 all powers necessary or appropriate to carry out the corporation's public
132+7 and corporate purposes under this chapter.
133+8 (b) Before the corporation may purchase land in a county that
134+9 in total exceeds one hundred (100) acres whether acquired in one
135+10 (1) transaction or a series of transactions, the corporation must
136+11 first give notice, in writing, to the board of county commissioners
137+12 of the county in which the land is located not later than thirty (30)
138+13 days before the closing date for the purchase or purchases. If the
139+14 land is located within a city, the corporation must also give notice
140+15 in writing to the mayor of the city in which the land is located not
141+16 later than thirty (30) days before the closing date.
142+17 (c) At the same time the corporation provides the notice
143+18 described in subsection (b) to the county or municipality, or both,
144+19 in which the land is located, the corporation shall also provide a
145+20 copy of the notice described in subsection (b) to the budget
146+21 committee.
147+22 SECTION 4. IC 5-28-6-11 IS ADDED TO THE INDIANA CODE
148+23 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
149+24 UPON PASSAGE]: Sec. 11. If the corporation extends an offer to
150+25 one (1) or more voting or nonvoting members of the budget
151+26 committee to tour a potential economic development site that may
152+27 receive state assistance in undertaking the economic development
153+28 project, the corporation shall simultaneously extend the same offer
154+29 to all voting and nonvoting members of the budget committee.
155+30 SECTION 5. IC 6-1.1-12.7-4, AS ADDED BY P.L.113-2010,
156+31 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
157+32 JULY 1, 2025]: Sec. 4. (a) A county fiscal body may adopt an
158+33 ordinance providing that a deduction applies to the assessed value of
159+34 qualified personal property located in the county. The deduction is
160+35 equal to one hundred percent (100%) of the assessed value of qualified
161+36 personal property located in the county for each calendar year specified
162+37 in the ordinance. An ordinance adopted under this section must be
163+38 adopted before January 1 of the first assessment year for which a
164+39 taxpayer may claim a deduction under the ordinance.
165+40 (b) An ordinance adopted under subsection (a) must specify the
166+41 number of assessment years that a deduction is allowed under this
167+42 chapter. However, a deduction may not be allowed for:
168+ES 516—LS 7310/DI 120 4
169+1 (1) less than two (2) assessment years; or
170+2 (2) more than ten (10) assessment years.
171+3 (c) The fiscal body shall send a certified copy of the ordinance
172+4 adopted under subsection (a) to the county assessor, the county auditor,
173+5 and the Indiana economic development corporation. office of
174+6 entrepreneurship and innovation. Subject to this chapter, the fiscal
175+7 body's determination of the number of years the deduction is allowed
176+8 is final and may not be changed.
177+9 (d) An ordinance adopted under subsection (a) may not allow a
178+10 deduction for qualified personal property installed after March 1, 2015.
179+11 SECTION 6. IC 6-1.1-12.7-5, AS ADDED BY P.L.113-2010,
180+12 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
181+13 JULY 1, 2025]: Sec. 5. The Indiana economic development corporation
182+14 office of entrepreneurship and innovation shall review an ordinance
183+15 adopted under this chapter and determine whether it is in the best
184+16 interest of the development of the certified technology park to permit
185+17 the deduction. The Indiana economic development corporation, office
186+18 of entrepreneurship and innovation, after conducting a hearing, may
187+19 approve the ordinance, approve the ordinance with modifications, or
188+20 disapprove the ordinance. An owner of qualified personal property is
189+21 eligible for a deduction under this chapter only to the extent permitted
190+22 under an ordinance (as modified by the Indiana economic development
191+23 corporation) office of entrepreneurship and innovation) that is
192+24 approved under this section.
193+25 SECTION 7. IC 36-7-32-8.7 IS ADDED TO THE INDIANA CODE
194+26 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
195+27 1, 2025]: Sec. 8.7. As used in this chapter, "office" means the office
196+28 of entrepreneurship and innovation established by IC 4-3-28.1-3.
197+29 SECTION 8. IC 36-7-32-9, AS AMENDED BY P.L.4-2005,
198+30 SECTION 142, IS AMENDED TO READ AS FOLLOWS
199+31 [EFFECTIVE JULY 1, 2025]: Sec. 9. As used in this chapter, subject
200+32 to the approval of the Indiana economic development corporation
201+33 office under an agreement entered into under section 12 of this chapter,
202+34 "public facilities" includes the following:
203+35 (1) A street, road, bridge, storm water or sanitary sewer, sewage
204+36 treatment facility, facility designed to reduce, eliminate, or
205+37 prevent the spread of identified soil or groundwater
206+38 contamination, drainage system, retention basin, pretreatment
207+39 facility, waterway, waterline, water storage facility, rail line,
208+40 electric, gas, telephone or other communications, or any other
209+41 type of utility line or pipeline, or other similar or related structure
210+42 or improvement, together with necessary easements for the
211+ES 516—LS 7310/DI 120 5
212+1 structure or improvement. Except for rail lines, utility lines, or
213+2 pipelines, the structures or improvements described in this
214+3 subdivision must be either owned or used by a public agency,
215+4 functionally connected to similar or supporting facilities owned
216+5 or used by a public agency, or designed and dedicated to use by,
217+6 for the benefit of, or for the protection of the health, welfare, or
218+7 safety of the public generally, whether or not used by a single
219+8 business entity. Any road, street, or bridge must be continuously
220+9 open to public access. A public facility must be located on public
221+10 property or in a public, utility, or transportation easement or
222+11 right-of-way.
223+12 (2) Land and other assets that are or may become eligible for
224+13 depreciation for federal income tax purposes for a business
225+14 incubator located in a certified technology park.
226+15 (3) Land and other assets that, if privately owned, would be
227+16 eligible for depreciation for federal income tax purposes for
228+17 laboratory facilities, research and development facilities,
229+18 conference facilities, teleconference facilities, testing facilities,
230+19 training facilities, or quality control facilities:
231+20 (A) that are or that support property whose primary purpose
232+21 and use is or will be for a high technology activity;
233+22 (B) that are owned by a public entity; and
234+23 (C) that are located within a certified technology park.
235+24 SECTION 9. IC 36-7-32-10, AS AMENDED BY P.L.203-2005,
236+25 SECTION 12, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
237+26 JULY 1, 2025]: Sec. 10. (a) A unit may apply to the Indiana economic
238+27 development corporation office for designation of all or part of the
239+28 territory within the jurisdiction of the unit's redevelopment commission
240+29 as a certified technology park and to enter into an agreement governing
241+30 the terms and conditions of the designation. The application must be in
242+31 a form specified by the Indiana economic development corporation
243+32 office and must include information the corporation office determines
244+33 necessary to make the determinations required under section 11 of this
245+34 chapter.
246+35 (b) This subsection applies only to a unit in which a certified
247+36 technology park designated before January 1, 2005, is located. A unit
248+37 may apply to the Indiana economic development corporation office for
249+38 permission to expand the unit's certified technology park to include
250+39 territory that is adjacent to the unit's certified technology park but
251+40 located in another county. The corporation office shall grant the unit
252+41 permission to expand the certified technology park if the unit and the
253+42 redevelopment commission having jurisdiction over the adjacent
254+ES 516—LS 7310/DI 120 6
255+1 territory approve the proposed expansion in a resolution. A certified
256+2 copy of each resolution approving the proposed expansion must be
257+3 attached to the application submitted under this subsection.
258+4 SECTION 10. IC 36-7-32-11, AS AMENDED BY P.L.105-2023,
259+5 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
260+6 JULY 1, 2025]: Sec. 11. (a) After receipt of an application under
261+7 section 10 of this chapter, and subject to subsection (b), the Indiana
262+8 economic development corporation office may designate a certified
263+9 technology park if the corporation office determines that the
264+10 application demonstrates a firm commitment from at least one (1)
265+11 business engaged in a high technology activity creating a significant
266+12 number of jobs and satisfies one (1) or more of the following additional
267+13 criteria:
268+14 (1) A demonstration of significant support from an institution of
269+15 higher education, a private research based institute, or a military
270+16 research and development or testing facility on an active United
271+17 States government military base or other military installation
272+18 located within, or in the vicinity of, the proposed certified
273+19 technology park, as evidenced by the following criteria:
274+20 (A) Grants of preferences for access to and commercialization
275+21 of intellectual property.
276+22 (B) Access to laboratory and other facilities owned by or under
277+23 the control of the postsecondary educational institution or
278+24 private research based institute.
279+25 (C) Donations of services.
280+26 (D) Access to telecommunications facilities and other
281+27 infrastructure.
282+28 (E) Financial commitments.
283+29 (F) Access to faculty, staff, and students.
284+30 (G) Opportunities for adjunct faculty and other types of staff
285+31 arrangements or affiliations.
286+32 (H) Other criteria considered appropriate by the Indiana
287+33 economic development corporation. office.
288+34 (2) A demonstration of a significant commitment by the
289+35 postsecondary educational institution, private research based
290+36 institute, or military research and development or testing facility
291+37 on an active United States government military base or other
292+38 military installation to the commercialization of research
293+39 produced at the certified technology park, as evidenced by the
294+40 intellectual property and, if applicable, tenure policies that reward
295+41 faculty and staff for commercialization and collaboration with
296+42 private businesses.
297+ES 516—LS 7310/DI 120 7
298+1 (3) A demonstration that the proposed certified technology park
299+2 will be developed to take advantage of the unique characteristics
300+3 and specialties offered by the public and private resources
301+4 available in the area in which the proposed certified technology
302+5 park will be located.
303+6 (4) The existence of or proposed development of a business
304+7 incubator within the proposed certified technology park that
305+8 exhibits the following types of resources and organization:
306+9 (A) Significant financial and other types of support from the
307+10 public or private resources in the area in which the proposed
308+11 certified technology park will be located.
309+12 (B) A business plan exhibiting the economic utilization and
310+13 availability of resources and a likelihood of successful
311+14 development of technologies and research into viable business
312+15 enterprises.
313+16 (C) A commitment to the employment of a qualified full-time
314+17 manager to supervise the development and operation of the
315+18 business incubator.
316+19 (5) The existence of a business plan for the proposed certified
317+20 technology park that identifies its objectives in a clearly focused
318+21 and measurable fashion and that addresses the following matters:
319+22 (A) A commitment to new business formation.
320+23 (B) The clustering of businesses, technology, and research.
321+24 (C) The opportunity for and costs of development of properties
322+25 under common ownership or control.
323+26 (D) The availability of and method proposed for development
324+27 of infrastructure and other improvements, including
325+28 telecommunications technology, necessary for the
326+29 development of the proposed certified technology park.
327+30 (E) Assumptions of costs and revenues related to the
328+31 development of the proposed certified technology park.
329+32 (6) A demonstrable and satisfactory assurance that the proposed
330+33 certified technology park can be developed to principally contain
331+34 property that is primarily used for, or will be primarily used for,
332+35 a high technology activity or a business incubator.
333+36 (b) The Indiana economic development corporation office may not
334+37 approve an application that would result in a substantial reduction or
335+38 cessation of operations in another location in Indiana in order to
336+39 relocate them within the certified technology park. The Indiana
337+40 economic development corporation office may designate not more than
338+41 two (2) new certified technology parks during any state fiscal year. The
339+42 designation of a new certified technology park is subject to review and
340+ES 516—LS 7310/DI 120 8
341+1 approval under section 11.5 of this chapter.
342+2 (c) A certified technology park designated under this section is
343+3 subject to the review of the Indiana economic development corporation
344+4 office and must be recertified:
345+5 (1) every four (4) years, for a recertification occurring before
346+6 January 1, 2018, or after December 31, 2019; and
347+7 (2) every three (3) years, for a recertification occurring after
348+8 December 31, 2017, and before January 1, 2020.
349+9 (d) The corporation office shall develop procedures and the criteria
350+10 to be used in the review required under subsection (c). The procedures
351+11 and criteria must include the metrics developed under subsection (h)
352+12 for measuring the performance of a certified technology park.
353+13 (e) A certified technology park shall furnish to the corporation
354+14 office the following information to be used in the course of the review:
355+15 (1) Total employment and payroll levels for all businesses
356+16 operating within the certified technology park.
357+17 (2) The nature and extent of any technology transfer activity
358+18 occurring within the certified technology park.
359+19 (3) The nature and extent of any nontechnology businesses
360+20 operating within the certified technology park.
361+21 (4) The use and outcomes of any state money made available to
362+22 the certified technology park.
363+23 (5) An analysis of the certified technology park's overall
364+24 contribution to the technology based economy in Indiana.
365+25 (6) The nature and extent of financial support secured by the
366+26 certified technology park from outside sources such as
367+27 philanthropy, federal government, local government, and other
368+28 private or nonprofit sources, and including the nature, type, and
369+29 structure of the funding mechanisms to support the development
370+30 and growth of the certified technology park.
371+31 (7) The nature and extent of incubation services provided to
372+32 businesses consistent with incubation industry best practices, and
373+33 growth or relocations of those businesses outside the certified
374+34 technology park.
375+35 (8) The nature and extent of partnerships undertaken between the
376+36 certified technology park and local and regional organizations in
377+37 pursuit of shared objectives.
378+38 (f) A certified technology park must meet or exceed the minimum
379+39 threshold requirements developed under subsection (h)(2) before the
380+40 certified technology park may be recertified under this section. If a
381+41 certified technology park is not recertified, the Indiana economic
382+42 development corporation office shall send a certified copy of a notice
383+ES 516—LS 7310/DI 120 9
384+1 of the determination to the county auditor, the department of local
385+2 government finance, and the department of state revenue.
386+3 (g) To the extent allowed under IC 5-14-3, the corporation office
387+4 shall maintain the confidentiality of any information that is:
388+5 (1) submitted as part of the review process under subsection (c);
389+6 and
390+7 (2) marked as confidential;
391+8 by the certified technology park.
392+9 (h) The corporation, office, in conjunction with the office of
393+10 management and budget, shall develop metrics for measuring the
394+11 performance of a certified technology park during the review period for
395+12 recertification under subsection (c). The corporation office shall
396+13 consult with local units of government in developing the metrics under
397+14 this subsection. The metrics shall include at least the following
398+15 elements:
399+16 (1) Specific criteria to be used to analyze and evaluate each
400+17 category of information furnished to the corporation office under
401+18 subsection (e)(1) through (e)(8).
402+19 (2) Minimum threshold requirements for the performance of a
403+20 certified technology park regarding each category of information
404+21 furnished to the corporation office under subsection (e)(1)
405+22 through (e)(8) based on the criteria for the analysis and evaluation
406+23 of the information under subdivision (1).
407+24 (i) The board of the Indiana economic development corporation
408+25 office shall adopt the metrics developed under subsection (h) as part of
409+26 the criteria to be used in the corporation's office's review under
410+27 subsection (c).
411+28 SECTION 11. IC 36-7-32-11.5, AS ADDED BY P.L.293-2013(ts),
412+29 SECTION 45, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
413+30 JULY 1, 2025]: Sec. 11.5. (a) If the Indiana economic development
414+31 corporation office desires to designate a certified technology park
415+32 under this chapter, the corporation office shall submit its proposed
416+33 designation to the budget committee for review and recommendation
417+34 to the budget agency. The budget committee shall meet not later than
418+35 sixty (60) days after receipt of the proposed designation and shall make
419+36 a recommendation on the designation to the budget agency.
420+37 (b) When considering the proposed designation of a certified
421+38 technology park by the corporation office under this section, the budget
422+39 committee and the budget agency must make the following findings
423+40 before approving the designation:
424+41 (1) The area to be designated as a certified technology park meets
425+42 the conditions necessary for the designation as a certified
426+ES 516—LS 7310/DI 120 10
427+1 technology park.
428+2 (2) The designation of the certified technology park will benefit
429+3 the people of Indiana by protecting or increasing state and local
430+4 tax bases and tax revenues for at least the duration of the certified
431+5 technology park.
432+6 (c) The income tax incremental amount and the gross retail
433+7 incremental amount may not be allocated to the certified technology
434+8 park until the designation of the certified technology park is approved
435+9 under this section.
436+10 SECTION 12. IC 36-7-32-12, AS AMENDED BY P.L.154-2007,
437+11 SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
438+12 JULY 1, 2025]: Sec. 12. A redevelopment commission and the
439+13 legislative body of the unit that established the redevelopment
440+14 commission may enter into an agreement with the Indiana economic
441+15 development corporation office establishing the terms and conditions
442+16 governing a certified technology park designated under section 11 of
443+17 this chapter. Upon designation of the certified technology park under
444+18 the terms of the agreement, the subsequent failure of any party to
445+19 comply with the terms of the agreement may result in the termination
446+20 or rescission of the designation of the area as a certified technology
447+21 park. The agreement must include the following provisions:
448+22 (1) A description of the area to be included within the certified
449+23 technology park.
450+24 (2) Covenants and restrictions, if any, upon all or a part of the
451+25 properties contained within the certified technology park and
452+26 terms of enforcement of any covenants or restrictions.
453+27 (3) The financial commitments of any party to the agreement and
454+28 of any owner or developer of property within the certified
455+29 technology park.
456+30 (4) The terms of any commitment required from a postsecondary
457+31 educational institution or private research based institute for
458+32 support of the operations and activities within the certified
459+33 technology park.
460+34 (5) The terms of enforcement of the agreement, which may
461+35 include the definition of events of default, cure periods, legal and
462+36 equitable remedies and rights, and penalties and damages, actual
463+37 or liquidated, upon the occurrence of an event of default.
464+38 (6) The public facilities to be developed for the certified
465+39 technology park and the costs of those public facilities, as
466+40 approved by the Indiana economic development corporation.
467+41 office.
468+42 SECTION 13. IC 36-7-32-13, AS AMENDED BY P.L.4-2005,
469+ES 516—LS 7310/DI 120 11
470+1 SECTION 146, IS AMENDED TO READ AS FOLLOWS
471+2 [EFFECTIVE JULY 1, 2025]: Sec. 13. (a) If the Indiana economic
472+3 development corporation office determines that a sale price or rental
473+4 value at below market rate will assist in increasing employment or
474+5 private investment in a certified technology park, the redevelopment
475+6 commission and the legislative body of the unit may determine the sale
476+7 price or rental value for public facilities owned or developed by the
477+8 redevelopment commission and the unit in the certified technology
478+9 park at below market rate.
479+10 (b) If public facilities developed under an agreement entered into
480+11 under this chapter are conveyed or leased at less than fair market value
481+12 or at below market rates, the terms of the conveyance or lease shall
482+13 include legal and equitable remedies and rights to assure that the public
483+14 facilities are used for high technology activities or as a business
484+15 incubator. Legal and equitable remedies and rights may include
485+16 penalties and actual or liquidated damages.
486+17 SECTION 14. IC 36-7-32-14, AS AMENDED BY P.L.4-2005,
487+18 SECTION 147, IS AMENDED TO READ AS FOLLOWS
488+19 [EFFECTIVE JULY 1, 2025]: Sec. 14. The Indiana economic
489+20 development corporation office shall market the certified technology
490+21 park. The corporation office and a redevelopment commission may
491+22 contract with each other or any third party for these marketing services.
492+23 SECTION 15. IC 36-7-32-17.3, AS ADDED BY P.L.123-2024,
493+24 SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
494+25 JULY 1, 2025]: Sec. 17.3. Notwithstanding any other law, if the
495+26 Indiana economic development corporation office subsequently
496+27 designates territory that is located in an existing allocation area under
497+28 this chapter as an innovation development district under IC 36-7-32.5,
498+29 the allocation area may not be renewed or extended under this chapter
499+30 until the term of the innovation development district expires.
500+31 SECTION 16. IC 36-7-32-20 IS AMENDED TO READ AS
501+32 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 20. (a) After entering
502+33 into an agreement under section 12 of this chapter, the redevelopment
503+34 commission shall send to the department of state revenue and to the
504+35 office:
505+36 (1) a certified copy of the designation of the certified technology
506+37 park under section 11 of this chapter;
507+38 (2) a certified copy of the agreement entered into under section 12
508+39 of this chapter; and
509+40 (3) a complete list of the employers in the certified technology
510+41 park and the street names and the range of street numbers of each
511+42 street in the certified technology park.
512+ES 516—LS 7310/DI 120 12
513+1 The redevelopment commission shall update the list provided under
514+2 subdivision (3) before July 1 of each year.
515+3 (b) Not later than sixty (60) days after receiving a copy of the
516+4 designation of the certified technology park, the department of state
517+5 revenue shall determine the gross retail base period amount and the
518+6 income tax base period amount.
519+7 SECTION 17. IC 36-7-32-21, AS AMENDED BY P.L.261-2013,
520+8 SECTION 47, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
521+9 JULY 1, 2025]: Sec. 21. (a) Before the first business day in October of
522+10 each year, the department of state revenue shall calculate the income
523+11 tax incremental amount and the gross retail incremental amount for the
524+12 preceding state fiscal year for each certified technology park designated
525+13 under this chapter.
526+14 (b) Taxpayers operating in the certified technology park shall report
527+15 annually to the department of state revenue and to the office, in the
528+16 manner and in the form prescribed by the department, information that
529+17 the department determines necessary to calculate the net increment.
530+18 (c) A taxpayer operating in the certified technology park that files
531+19 a consolidated tax return with the department also shall file annually:
532+20 (1) an informational return with the department for each business
533+21 location of the taxpayer within the certified technology park; and
534+22 (2) a copy of the informational return required under
535+23 subdivision (1) with the office.
536+24 (d) If a taxpayer fails to report the information required by this
537+25 section or file an informational return required by this section, the
538+26 department shall use the best information available in calculating the
539+27 income tax incremental amount and the gross retail incremental
540+28 amount.
541+29 SECTION 18. IC 36-7-32-22, AS AMENDED BY P.L.236-2023,
542+30 SECTION 188, IS AMENDED TO READ AS FOLLOWS
543+31 [EFFECTIVE JULY 1, 2025]: Sec. 22. (a) The treasurer of state shall
544+32 establish an incremental tax financing fund for each certified
545+33 technology park designated under this chapter. The fund shall be
546+34 administered by the treasurer of state. Money in the fund does not
547+35 revert to the state general fund at the end of a state fiscal year.
548+36 (b) Subject to subsection (c), the following amounts shall be
549+37 deposited during each state fiscal year in the incremental tax financing
550+38 fund established for a certified technology park under subsection (a):
551+39 (1) The aggregate amount of state gross retail and use taxes that
552+40 are remitted under IC 6-2.5 by businesses operating in the
553+41 certified technology park, until the amount of state gross retail
554+42 and use taxes deposited equals the gross retail incremental
555+ES 516—LS 7310/DI 120 13
556+1 amount for the certified technology park.
557+2 (2) Except as provided in subdivision (3), the aggregate amount
558+3 of the following taxes paid by employees employed in the
559+4 certified technology park with respect to wages earned for work
560+5 in the certified technology park, until the amount deposited equals
561+6 the income tax incremental amount as defined in section 8.5(1) of
562+7 this chapter:
563+8 (A) The adjusted gross income tax.
564+9 (B) The local income tax (IC 6-3.6).
565+10 (3) In the case of a certified technology park to which subsection
566+11 (e) applies, the amount determined under subsection (e), if any.
567+12 (c) Except as provided in subsections (d) and (e), not more than a
568+13 total of five million dollars ($5,000,000) may be deposited in a
569+14 particular incremental tax financing fund for a certified technology
570+15 park over the life of the certified technology park.
571+16 (d) Except as provided in subsection (e), in the case of a certified
572+17 technology park that is operating under a written agreement entered
573+18 into by two (2) or more redevelopment commissions, and subject to
574+19 section 26(b)(4) of this chapter:
575+20 (1) not more than a total of five million dollars ($5,000,000) may
576+21 be deposited over the life of the certified technology park in the
577+22 incremental tax financing fund of each redevelopment
578+23 commission participating in the operation of the certified
579+24 technology park; and
580+25 (2) the total amount that may be deposited in all incremental tax
581+26 financing funds, over the life of the certified technology park, in
582+27 aggregate, may not exceed the result of:
583+28 (A) five million dollars ($5,000,000); multiplied by
584+29 (B) the number of redevelopment commissions that have
585+30 entered into a written agreement for the operation of the
586+31 certified technology park.
587+32 (e) If a certified technology park has reached the limit on deposits
588+33 under subsection (c) or (d) and maintains its certification under section
589+34 11(c) of this chapter, the certified technology park shall become a
590+35 Level 2 certified technology park and an additional annual deposit
591+36 amount shall be deposited in the incremental tax financing fund for the
592+37 certified technology park equal to the following:
593+38 (1) For a certified technology park to which subsection (c)
594+39 applies, the lesser of:
595+40 (A) the income tax incremental amount as defined in section
596+41 8.5(2) of this chapter; or
597+42 (B) two hundred fifty thousand dollars ($250,000).
598+ES 516—LS 7310/DI 120 14
599+1 (2) For a certified technology park to which subsection (d)
600+2 applies, the lesser of:
601+3 (A) the aggregate income tax incremental amounts as defined
602+4 in section 8.5(2) of this chapter attributable to each
603+5 redevelopment commission that has entered into a written
604+6 agreement for the operation of the certified technology park;
605+7 or
606+8 (B) two hundred fifty thousand dollars ($250,000) multiplied
607+9 by the number of redevelopment commissions that have
608+10 entered into a written agreement for the operation of the
609+11 certified technology park.
610+12 (3) The following apply to deposits under this subsection:
611+13 (A) If a certified technology park reached its limit on deposits
612+14 based on a state fiscal year ending before July 1, 2020, the
613+15 certified technology park shall receive deposits based on the
614+16 income tax incremental amount as defined in section 8.5(2) of
615+17 this chapter for each state fiscal year ending after June 30,
616+18 2019.
617+19 (B) If a certified technology park reached its limit on deposits
618+20 based on a state fiscal year ending after June 30, 2020, the
619+21 certified technology park shall receive deposits based on the
620+22 income tax incremental amount as defined in section 8.5(2) of
621+23 this chapter for the state fiscal year in which it reached its limit
622+24 on deposits under subsection (c) or (d) and each state fiscal
623+25 year thereafter.
624+26 (C) If a certified technology park is permitted to receive
625+27 deposits under this subsection during the state fiscal year in
626+28 which it reached its limit on deposits under subsection (c) or
627+29 (d), the income tax incremental amount for purposes of
628+30 subdivision (1)(A) or (1)(B) for that state fiscal year shall be
629+31 reduced by an amount equal to:
630+32 (i) the deposit amount for the state fiscal year under
631+33 subsection (b) required to reach the limit on deposits under
632+34 subsection (c) or (d); minus
633+35 (ii) the gross retail incremental amount determined under
634+36 section 6.5 of this chapter;
635+37 but not less than zero (0).
636+38 (f) This subsection applies to a Level 2 certified technology park
637+39 designated in subsection (e). When the Indiana economic development
638+40 corporation office recertifies a certified technology park as required
639+41 under section 11 of this chapter, the corporation office shall make a
640+42 determination of whether the certified technology park shall continue
641+ES 516—LS 7310/DI 120 15
642+1 to be designated as a Level 2 certified technology park.
643+2 (g) On or before the twentieth day of each month, all amounts held
644+3 in the incremental tax financing fund established for a certified
645+4 technology park shall be distributed to the redevelopment commission
646+5 for deposit in the certified technology park fund established under
647+6 section 23 of this chapter.
648+7 SECTION 19. IC 36-7-32-29, AS ADDED BY P.L.105-2023,
649+8 SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
650+9 JULY 1, 2025]: Sec. 29. Before January 1, 2024, and before January 1
651+10 of each even-numbered year thereafter, the Indiana economic
652+11 development corporation office shall submit a report to the budget
653+12 committee that includes at least the following information for each
654+13 certified technology park:
655+14 (1) The total number of businesses located in the certified
656+15 technology park, including the specific number of businesses
657+16 engaged in high technology activity in the certified technology
658+17 park.
659+18 (2) The number of businesses described in subdivision (1) that
660+19 have left the certified technology park and the locations to which
661+20 the businesses moved.
662+21 (3) The number of employees of each business described in
663+22 subdivision (1), and the average annual wage paid to those
664+23 employees.
665+24 (4) The amount of capital investment that each business described
666+25 in subdivision (1) has secured.
667+26 SECTION 20. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
668+27 CODE AS A NEW SECTION TO READ AS FOLLOWS
669+28 [EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
670+29 of each year, the corporation and the executive of a county, city, or
671+30 town in which an innovation development district is designated
672+31 under section 9 of this chapter shall submit a report setting out the
673+32 innovation development district's activities during the preceding
674+33 calendar year to the:
675+34 (1) fiscal body of the county, city, or town; and
676+35 (2) department of local government finance in an electronic
677+36 format.
678+37 (b) The report required under subsection (a) must include the
679+38 following information set forth for each innovation development
680+39 district regarding the previous year:
681+40 (1) Revenues received.
682+41 (2) Expenses paid.
683+42 (3) Fund balances.
684+ES 516—LS 7310/DI 120 16
685+1 (4) The amount and maturity date for all outstanding
686+2 obligations.
687+3 (5) The amount paid on outstanding obligations.
688+4 (6) A list of all the parcels and the depreciable personal
689+5 property of any designated taxpayer included in each tax
690+6 increment financing district allocation area and the base
691+7 assessed value and incremental assessed value for each parcel
692+8 and the depreciable personal property of any designated
693+9 taxpayer in the list.
694+10 (7) Amounts distributed to cities, towns, counties, or school
695+11 corporations as described in section 19(e) of this chapter.
696+12 SECTION 21. IC 36-7.7-1-2 IS REPEALED [EFFECTIVE UPON
697+13 PASSAGE]. Sec. 2. This article expires July 1, 2025.
698+14 SECTION 22. An emergency is declared for this act.
699+ES 516—LS 7310/DI 120 17
700+COMMITTEE REPORT
701+Mr. President: The Senate Committee on Commerce and
702+Technology, to which was referred Senate Bill No. 516, has had the
703+same under consideration and begs leave to report the same back to the
704+Senate with the recommendation that said bill be AMENDED as
705+follows:
706+Page 1, delete lines 1 through 15.
707+Delete pages 2 through 5.
708+Page 6, delete lines 1 through 32, begin a new paragraph and insert:
709+"SECTION 1. IC 4-3-28.1 IS ADDED TO THE INDIANA CODE
16710 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
17711 JULY 1, 2025]:
18712 Chapter 28.1. Office of Entrepreneurship and Innovation
19713 Sec. 1. As used in this chapter, "director" refers to the director
20714 of the office of entrepreneurship and innovation appointed under
21715 section 4 of this chapter.
22716 Sec. 2. As used in this chapter, "office" refers to the office of
23717 entrepreneurship and innovation established by section 3 of this
24718 chapter.
25719 Sec. 3. The office of entrepreneurship and innovation is
26720 established.
27721 Sec. 4. (a) The governor shall appoint an individual to be the
28722 director of the office of entrepreneurship and innovation.
29723 (b) The director:
30724 (1) serves at the governor's pleasure;
31725 (2) is entitled to receive compensation in an amount set by the
32726 governor subject to the approval of the budget agency under
33727 IC 4-12-1-13; and
34728 (3) is responsible to the secretary of commerce.
35-SEA 516 — Concur 2
36729 (c) The director may appoint employees in the manner provided
37730 by IC 4-15-2.2 and fix their compensation, subject to the approval
38731 of the budget agency under IC 4-12-1-13.
39732 (d) The director may delegate the director's authority to the
40733 appropriate office staff.
41734 Sec. 5. The office shall do the following:
42735 (1) Develop and administer programs to support the growth
43736 of small business, entrepreneurship, and innovation in
44737 Indiana.
45738 (2) Direct and oversee programs and sources of funding
46739 related to the growth of small business, entrepreneurship,
47740 technology, and innovation in Indiana.
48741 (3) Work to strengthen policies and programs supporting the
742+ES 516—LS 7310/DI 120 18
49743 growth of entrepreneurship in Indiana.
50744 (4) Coordinate with state agencies and other state funded
51745 entities to align services and programs related to
52746 entrepreneurship and starting and scaling a business.
53747 (5) Work with funded entities on identifying strategies and
54748 metrics around the disbursement of funds to measure funds
55749 reaching rural communities and other underrepresented
56750 socioeconomic communities.
57751 (6) Work with stakeholders and organizations supporting
58752 entrepreneurship to enhance learning and skills, provide
59753 technical support, and expand access to resources for
60754 entrepreneurs across Indiana.
61755 (7) Develop and administer programs to support and
62756 encourage youth entrepreneurship, including supporting
63757 students and teachers in fostering entrepreneurial skills.
64758 Sec. 6. The office may adopt rules under IC 4-22-2 to carry out
65759 the duties, purposes, and functions of this chapter.
66760 SECTION 2. IC 5-28-3-4, AS AMENDED BY P.L.197-2021,
67761 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
68762 UPON PASSAGE]: Sec. 4. (a) The governor shall appoint the secretary
69763 of commerce, who shall serve at the pleasure of the governor. The
70764 secretary of commerce is the chief executive officer and president of
71765 the corporation.
72766 (b) The governor shall appoint the president of the corporation,
73767 who shall serve at the pleasure of the governor. The president shall
74-report to the secretary of commerce.
75-SECTION 3. IC 5-28-5-2, AS ADDED BY P.L.4-2005, SECTION
76-34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1,
77-2025]: Sec. 2. (a) Subject to subsection (b), the corporation is granted
78-SEA 516 — Concur 3
79-all powers necessary or appropriate to carry out the corporation's public
80-and corporate purposes under this chapter.
81-(b) Before the corporation may purchase land in a county that
82-in total exceeds one hundred (100) acres whether acquired in one
83-(1) transaction or a series of transactions, the corporation must
84-first give notice, in writing, to the board of county commissioners
85-of the county in which the land is located not later than thirty (30)
86-days before the closing date for the purchase or purchases. If the
87-land is located within a city, the corporation must also give notice
88-in writing to the mayor of the city in which the land is located not
89-later than thirty (30) days before the closing date.
768+report to the secretary of commerce.".
769+Page 7, delete lines 2 through 32.
770+Page 9, after line 38, begin a new paragraph and insert:
771+"SECTION 9. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
772+CODE AS A NEW SECTION TO READ AS FOLLOWS
773+[EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
774+of each year, the corporation and the executive of a county, city, or
775+town in which an innovation development district is designated
776+under section 9 of this chapter shall submit a report setting out the
777+innovation development district's activities during the preceding
778+calendar year to the:
779+(1) fiscal body of the county, city, or town; and
780+(2) department of local government finance in an electronic
781+format.
782+(b) The report required under subsection (a) must include the
783+following information set forth for each innovation development
784+district regarding the previous year:
785+ES 516—LS 7310/DI 120 19
786+(1) Revenues received.
787+(2) Expenses paid.
788+(3) Fund balances.
789+(4) The amount and maturity date for all outstanding
790+obligations.
791+(5) The amount paid on outstanding obligations.
792+(6) A list of all the parcels and the depreciable personal
793+property of any designated taxpayer included in each tax
794+increment financing district allocation area and the base
795+assessed value and incremental assessed value for each parcel
796+and the depreciable personal property of any designated
797+taxpayer in the list.
798+(7) Amounts distributed to cities, towns, counties, or school
799+corporations as described in section 19(e) of this chapter.
800+SECTION 10. An emergency is declared for this act.".
801+Renumber all SECTIONS consecutively.
802+and when so amended that said bill do pass and be reassigned to the
803+Senate Committee on Appropriations.
804+(Reference is to SB 516 as introduced.)
805+BUCHANAN, Chairperson
806+Committee Vote: Yeas 10, Nays 0.
807+_____
808+COMMITTEE REPORT
809+Mr. President: The Senate Committee on Appropriations, to which
810+was referred Senate Bill No. 516, has had the same under consideration
811+and begs leave to report the same back to the Senate with the
812+recommendation that said bill be AMENDED as follows:
813+Page 3, delete lines 14 through 42.
814+Delete page 4.
815+Page 5, delete lines 1 through 19.
816+Renumber all SECTIONS consecutively.
817+and when so amended that said bill do pass.
818+(Reference is to SB 516 as printed February 7, 2025.)
819+MISHLER, Chairperson
820+Committee Vote: Yeas 11, Nays 0.
821+ES 516—LS 7310/DI 120 20
822+SENATE MOTION
823+Mr. President: I move that Senate Bill 516 be amended to read as
824+follows:
825+Page 3, between lines 41 and 42, begin a new paragraph and insert:
826+"SECTION 5. IC 36-7.7-1-2 IS REPEALED [EFFECTIVE UPON
827+PASSAGE]. Sec. 2. This article expires July 1, 2025.".
828+Renumber all SECTIONS consecutively.
829+(Reference is to SB 516 as printed February 14, 2025.)
830+GOODE
831+_____
832+COMMITTEE REPORT
833+Mr. Speaker: Your Committee on Ways and Means, to which was
834+referred Senate Bill 516, has had the same under consideration and
835+begs leave to report the same back to the House with the
836+recommendation that said bill be amended as follows:
837+Page 3, line 11, delete "notice to the county or municipality, or
838+both," and insert "notice, in writing, to the board of county
839+commissioners of the county".
840+Page 3, line 13, after "purchases." insert "If the land is located
841+within a city, the corporation must also give notice in writing to the
842+mayor of the city in which the land is located not later than thirty
843+(30) days before the closing date.".
90844 (c) At the same time the corporation provides the notice
91845 described in subsection (b) to the county or municipality, or both,
92846 in which the land is located, the corporation shall also provide a
93847 copy of the notice described in subsection (b) to the budget
94848 committee.
95849 SECTION 4. IC 5-28-6-11 IS ADDED TO THE INDIANA CODE
96850 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
97851 UPON PASSAGE]: Sec. 11. If the corporation extends an offer to
98852 one (1) or more voting or nonvoting members of the budget
99853 committee to tour a potential economic development site that may
100854 receive state assistance in undertaking the economic development
101855 project, the corporation shall simultaneously extend the same offer
102856 to all voting and nonvoting members of the budget committee.
103-SECTION 5. IC 6-1.1-12.7-4, AS ADDED BY P.L.113-2010,
857+SECTION 4. IC 6-1.1-12.7-4, AS ADDED BY P.L.113-2010,
104858 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
859+ES 516—LS 7310/DI 120 21
105860 JULY 1, 2025]: Sec. 4. (a) A county fiscal body may adopt an
106861 ordinance providing that a deduction applies to the assessed value of
107862 qualified personal property located in the county. The deduction is
108863 equal to one hundred percent (100%) of the assessed value of qualified
109864 personal property located in the county for each calendar year specified
110865 in the ordinance. An ordinance adopted under this section must be
111866 adopted before January 1 of the first assessment year for which a
112867 taxpayer may claim a deduction under the ordinance.
113868 (b) An ordinance adopted under subsection (a) must specify the
114869 number of assessment years that a deduction is allowed under this
115870 chapter. However, a deduction may not be allowed for:
116871 (1) less than two (2) assessment years; or
117872 (2) more than ten (10) assessment years.
118873 (c) The fiscal body shall send a certified copy of the ordinance
119874 adopted under subsection (a) to the county assessor, the county auditor,
120875 and the Indiana economic development corporation. office of
121-SEA 516 — Concur 4
122876 entrepreneurship and innovation. Subject to this chapter, the fiscal
123877 body's determination of the number of years the deduction is allowed
124878 is final and may not be changed.
125879 (d) An ordinance adopted under subsection (a) may not allow a
126880 deduction for qualified personal property installed after March 1, 2015.
127-SECTION 6. IC 6-1.1-12.7-5, AS ADDED BY P.L.113-2010,
881+SECTION 5. IC 6-1.1-12.7-5, AS ADDED BY P.L.113-2010,
128882 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
129883 JULY 1, 2025]: Sec. 5. The Indiana economic development corporation
130884 office of entrepreneurship and innovation shall review an ordinance
131885 adopted under this chapter and determine whether it is in the best
132886 interest of the development of the certified technology park to permit
133887 the deduction. The Indiana economic development corporation, office
134888 of entrepreneurship and innovation, after conducting a hearing, may
135889 approve the ordinance, approve the ordinance with modifications, or
136890 disapprove the ordinance. An owner of qualified personal property is
137891 eligible for a deduction under this chapter only to the extent permitted
138892 under an ordinance (as modified by the Indiana economic development
139893 corporation) office of entrepreneurship and innovation) that is
140894 approved under this section.
141-SECTION 7. IC 36-7-32-8.7 IS ADDED TO THE INDIANA CODE
895+SECTION 6. IC 36-7-32-8.7 IS ADDED TO THE INDIANA CODE
142896 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
143897 1, 2025]: Sec. 8.7. As used in this chapter, "office" means the office
144898 of entrepreneurship and innovation established by IC 4-3-28.1-3.
145-SECTION 8. IC 36-7-32-9, AS AMENDED BY P.L.4-2005,
899+SECTION 7. IC 36-7-32-9, AS AMENDED BY P.L.4-2005,
146900 SECTION 142, IS AMENDED TO READ AS FOLLOWS
147901 [EFFECTIVE JULY 1, 2025]: Sec. 9. As used in this chapter, subject
902+ES 516—LS 7310/DI 120 22
148903 to the approval of the Indiana economic development corporation
149904 office under an agreement entered into under section 12 of this chapter,
150905 "public facilities" includes the following:
151906 (1) A street, road, bridge, storm water or sanitary sewer, sewage
152907 treatment facility, facility designed to reduce, eliminate, or
153908 prevent the spread of identified soil or groundwater
154909 contamination, drainage system, retention basin, pretreatment
155910 facility, waterway, waterline, water storage facility, rail line,
156911 electric, gas, telephone or other communications, or any other
157912 type of utility line or pipeline, or other similar or related structure
158913 or improvement, together with necessary easements for the
159914 structure or improvement. Except for rail lines, utility lines, or
160915 pipelines, the structures or improvements described in this
161916 subdivision must be either owned or used by a public agency,
162917 functionally connected to similar or supporting facilities owned
163918 or used by a public agency, or designed and dedicated to use by,
164-SEA 516 — Concur 5
165919 for the benefit of, or for the protection of the health, welfare, or
166920 safety of the public generally, whether or not used by a single
167921 business entity. Any road, street, or bridge must be continuously
168922 open to public access. A public facility must be located on public
169923 property or in a public, utility, or transportation easement or
170924 right-of-way.
171925 (2) Land and other assets that are or may become eligible for
172926 depreciation for federal income tax purposes for a business
173927 incubator located in a certified technology park.
174928 (3) Land and other assets that, if privately owned, would be
175929 eligible for depreciation for federal income tax purposes for
176930 laboratory facilities, research and development facilities,
177931 conference facilities, teleconference facilities, testing facilities,
178932 training facilities, or quality control facilities:
179933 (A) that are or that support property whose primary purpose
180934 and use is or will be for a high technology activity;
181935 (B) that are owned by a public entity; and
182936 (C) that are located within a certified technology park.
183-SECTION 9. IC 36-7-32-10, AS AMENDED BY P.L.203-2005,
937+SECTION 8. IC 36-7-32-10, AS AMENDED BY P.L.203-2005,
184938 SECTION 12, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
185939 JULY 1, 2025]: Sec. 10. (a) A unit may apply to the Indiana economic
186940 development corporation office for designation of all or part of the
187941 territory within the jurisdiction of the unit's redevelopment commission
188942 as a certified technology park and to enter into an agreement governing
189943 the terms and conditions of the designation. The application must be in
190944 a form specified by the Indiana economic development corporation
945+ES 516—LS 7310/DI 120 23
191946 office and must include information the corporation office determines
192947 necessary to make the determinations required under section 11 of this
193948 chapter.
194949 (b) This subsection applies only to a unit in which a certified
195950 technology park designated before January 1, 2005, is located. A unit
196951 may apply to the Indiana economic development corporation office for
197952 permission to expand the unit's certified technology park to include
198953 territory that is adjacent to the unit's certified technology park but
199954 located in another county. The corporation office shall grant the unit
200955 permission to expand the certified technology park if the unit and the
201956 redevelopment commission having jurisdiction over the adjacent
202957 territory approve the proposed expansion in a resolution. A certified
203958 copy of each resolution approving the proposed expansion must be
204959 attached to the application submitted under this subsection.
205-SECTION 10. IC 36-7-32-11, AS AMENDED BY P.L.105-2023,
960+SECTION 9. IC 36-7-32-11, AS AMENDED BY P.L.105-2023,
206961 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
207-SEA 516 — Concur 6
208962 JULY 1, 2025]: Sec. 11. (a) After receipt of an application under
209963 section 10 of this chapter, and subject to subsection (b), the Indiana
210964 economic development corporation office may designate a certified
211965 technology park if the corporation office determines that the
212966 application demonstrates a firm commitment from at least one (1)
213967 business engaged in a high technology activity creating a significant
214968 number of jobs and satisfies one (1) or more of the following additional
215969 criteria:
216970 (1) A demonstration of significant support from an institution of
217971 higher education, a private research based institute, or a military
218972 research and development or testing facility on an active United
219973 States government military base or other military installation
220974 located within, or in the vicinity of, the proposed certified
221975 technology park, as evidenced by the following criteria:
222976 (A) Grants of preferences for access to and commercialization
223977 of intellectual property.
224978 (B) Access to laboratory and other facilities owned by or under
225979 the control of the postsecondary educational institution or
226980 private research based institute.
227981 (C) Donations of services.
228982 (D) Access to telecommunications facilities and other
229983 infrastructure.
230984 (E) Financial commitments.
231985 (F) Access to faculty, staff, and students.
232986 (G) Opportunities for adjunct faculty and other types of staff
233987 arrangements or affiliations.
988+ES 516—LS 7310/DI 120 24
234989 (H) Other criteria considered appropriate by the Indiana
235990 economic development corporation. office.
236991 (2) A demonstration of a significant commitment by the
237992 postsecondary educational institution, private research based
238993 institute, or military research and development or testing facility
239994 on an active United States government military base or other
240995 military installation to the commercialization of research
241996 produced at the certified technology park, as evidenced by the
242997 intellectual property and, if applicable, tenure policies that reward
243998 faculty and staff for commercialization and collaboration with
244999 private businesses.
2451000 (3) A demonstration that the proposed certified technology park
2461001 will be developed to take advantage of the unique characteristics
2471002 and specialties offered by the public and private resources
2481003 available in the area in which the proposed certified technology
2491004 park will be located.
250-SEA 516 — Concur 7
2511005 (4) The existence of or proposed development of a business
2521006 incubator within the proposed certified technology park that
2531007 exhibits the following types of resources and organization:
2541008 (A) Significant financial and other types of support from the
2551009 public or private resources in the area in which the proposed
2561010 certified technology park will be located.
2571011 (B) A business plan exhibiting the economic utilization and
2581012 availability of resources and a likelihood of successful
2591013 development of technologies and research into viable business
2601014 enterprises.
2611015 (C) A commitment to the employment of a qualified full-time
2621016 manager to supervise the development and operation of the
2631017 business incubator.
2641018 (5) The existence of a business plan for the proposed certified
2651019 technology park that identifies its objectives in a clearly focused
2661020 and measurable fashion and that addresses the following matters:
2671021 (A) A commitment to new business formation.
2681022 (B) The clustering of businesses, technology, and research.
2691023 (C) The opportunity for and costs of development of properties
2701024 under common ownership or control.
2711025 (D) The availability of and method proposed for development
2721026 of infrastructure and other improvements, including
2731027 telecommunications technology, necessary for the
2741028 development of the proposed certified technology park.
2751029 (E) Assumptions of costs and revenues related to the
2761030 development of the proposed certified technology park.
1031+ES 516—LS 7310/DI 120 25
2771032 (6) A demonstrable and satisfactory assurance that the proposed
2781033 certified technology park can be developed to principally contain
2791034 property that is primarily used for, or will be primarily used for,
2801035 a high technology activity or a business incubator.
2811036 (b) The Indiana economic development corporation office may not
2821037 approve an application that would result in a substantial reduction or
2831038 cessation of operations in another location in Indiana in order to
2841039 relocate them within the certified technology park. The Indiana
2851040 economic development corporation office may designate not more than
2861041 two (2) new certified technology parks during any state fiscal year. The
2871042 designation of a new certified technology park is subject to review and
2881043 approval under section 11.5 of this chapter.
2891044 (c) A certified technology park designated under this section is
2901045 subject to the review of the Indiana economic development corporation
2911046 office and must be recertified:
2921047 (1) every four (4) years, for a recertification occurring before
293-SEA 516 — Concur 8
2941048 January 1, 2018, or after December 31, 2019; and
2951049 (2) every three (3) years, for a recertification occurring after
2961050 December 31, 2017, and before January 1, 2020.
2971051 (d) The corporation office shall develop procedures and the criteria
2981052 to be used in the review required under subsection (c). The procedures
2991053 and criteria must include the metrics developed under subsection (h)
3001054 for measuring the performance of a certified technology park.
3011055 (e) A certified technology park shall furnish to the corporation
3021056 office the following information to be used in the course of the review:
3031057 (1) Total employment and payroll levels for all businesses
3041058 operating within the certified technology park.
3051059 (2) The nature and extent of any technology transfer activity
3061060 occurring within the certified technology park.
3071061 (3) The nature and extent of any nontechnology businesses
3081062 operating within the certified technology park.
3091063 (4) The use and outcomes of any state money made available to
3101064 the certified technology park.
3111065 (5) An analysis of the certified technology park's overall
3121066 contribution to the technology based economy in Indiana.
3131067 (6) The nature and extent of financial support secured by the
3141068 certified technology park from outside sources such as
3151069 philanthropy, federal government, local government, and other
3161070 private or nonprofit sources, and including the nature, type, and
3171071 structure of the funding mechanisms to support the development
3181072 and growth of the certified technology park.
3191073 (7) The nature and extent of incubation services provided to
1074+ES 516—LS 7310/DI 120 26
3201075 businesses consistent with incubation industry best practices, and
3211076 growth or relocations of those businesses outside the certified
3221077 technology park.
3231078 (8) The nature and extent of partnerships undertaken between the
3241079 certified technology park and local and regional organizations in
3251080 pursuit of shared objectives.
3261081 (f) A certified technology park must meet or exceed the minimum
3271082 threshold requirements developed under subsection (h)(2) before the
3281083 certified technology park may be recertified under this section. If a
3291084 certified technology park is not recertified, the Indiana economic
3301085 development corporation office shall send a certified copy of a notice
3311086 of the determination to the county auditor, the department of local
3321087 government finance, and the department of state revenue.
3331088 (g) To the extent allowed under IC 5-14-3, the corporation office
3341089 shall maintain the confidentiality of any information that is:
3351090 (1) submitted as part of the review process under subsection (c);
336-SEA 516 — Concur 9
3371091 and
3381092 (2) marked as confidential;
3391093 by the certified technology park.
3401094 (h) The corporation, office, in conjunction with the office of
3411095 management and budget, shall develop metrics for measuring the
3421096 performance of a certified technology park during the review period for
3431097 recertification under subsection (c). The corporation office shall
3441098 consult with local units of government in developing the metrics under
3451099 this subsection. The metrics shall include at least the following
3461100 elements:
3471101 (1) Specific criteria to be used to analyze and evaluate each
3481102 category of information furnished to the corporation office under
3491103 subsection (e)(1) through (e)(8).
3501104 (2) Minimum threshold requirements for the performance of a
3511105 certified technology park regarding each category of information
3521106 furnished to the corporation office under subsection (e)(1)
3531107 through (e)(8) based on the criteria for the analysis and evaluation
3541108 of the information under subdivision (1).
3551109 (i) The board of the Indiana economic development corporation
3561110 office shall adopt the metrics developed under subsection (h) as part of
3571111 the criteria to be used in the corporation's office's review under
3581112 subsection (c).
359-SECTION 11. IC 36-7-32-11.5, AS ADDED BY P.L.293-2013(ts),
1113+SECTION 10. IC 36-7-32-11.5, AS ADDED BY P.L.293-2013(ts),
3601114 SECTION 45, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
3611115 JULY 1, 2025]: Sec. 11.5. (a) If the Indiana economic development
3621116 corporation office desires to designate a certified technology park
1117+ES 516—LS 7310/DI 120 27
3631118 under this chapter, the corporation office shall submit its proposed
3641119 designation to the budget committee for review and recommendation
3651120 to the budget agency. The budget committee shall meet not later than
3661121 sixty (60) days after receipt of the proposed designation and shall make
3671122 a recommendation on the designation to the budget agency.
3681123 (b) When considering the proposed designation of a certified
3691124 technology park by the corporation office under this section, the budget
3701125 committee and the budget agency must make the following findings
3711126 before approving the designation:
3721127 (1) The area to be designated as a certified technology park meets
3731128 the conditions necessary for the designation as a certified
3741129 technology park.
3751130 (2) The designation of the certified technology park will benefit
3761131 the people of Indiana by protecting or increasing state and local
3771132 tax bases and tax revenues for at least the duration of the certified
3781133 technology park.
379-SEA 516 — Concur 10
3801134 (c) The income tax incremental amount and the gross retail
3811135 incremental amount may not be allocated to the certified technology
3821136 park until the designation of the certified technology park is approved
3831137 under this section.
384-SECTION 12. IC 36-7-32-12, AS AMENDED BY P.L.154-2007,
1138+SECTION 11. IC 36-7-32-12, AS AMENDED BY P.L.154-2007,
3851139 SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
3861140 JULY 1, 2025]: Sec. 12. A redevelopment commission and the
3871141 legislative body of the unit that established the redevelopment
3881142 commission may enter into an agreement with the Indiana economic
3891143 development corporation office establishing the terms and conditions
3901144 governing a certified technology park designated under section 11 of
3911145 this chapter. Upon designation of the certified technology park under
3921146 the terms of the agreement, the subsequent failure of any party to
3931147 comply with the terms of the agreement may result in the termination
3941148 or rescission of the designation of the area as a certified technology
3951149 park. The agreement must include the following provisions:
3961150 (1) A description of the area to be included within the certified
3971151 technology park.
3981152 (2) Covenants and restrictions, if any, upon all or a part of the
3991153 properties contained within the certified technology park and
4001154 terms of enforcement of any covenants or restrictions.
4011155 (3) The financial commitments of any party to the agreement and
4021156 of any owner or developer of property within the certified
4031157 technology park.
4041158 (4) The terms of any commitment required from a postsecondary
4051159 educational institution or private research based institute for
1160+ES 516—LS 7310/DI 120 28
4061161 support of the operations and activities within the certified
4071162 technology park.
4081163 (5) The terms of enforcement of the agreement, which may
4091164 include the definition of events of default, cure periods, legal and
4101165 equitable remedies and rights, and penalties and damages, actual
4111166 or liquidated, upon the occurrence of an event of default.
4121167 (6) The public facilities to be developed for the certified
4131168 technology park and the costs of those public facilities, as
4141169 approved by the Indiana economic development corporation.
4151170 office.
416-SECTION 13. IC 36-7-32-13, AS AMENDED BY P.L.4-2005,
1171+SECTION 12. IC 36-7-32-13, AS AMENDED BY P.L.4-2005,
4171172 SECTION 146, IS AMENDED TO READ AS FOLLOWS
4181173 [EFFECTIVE JULY 1, 2025]: Sec. 13. (a) If the Indiana economic
4191174 development corporation office determines that a sale price or rental
4201175 value at below market rate will assist in increasing employment or
4211176 private investment in a certified technology park, the redevelopment
422-SEA 516 — Concur 11
4231177 commission and the legislative body of the unit may determine the sale
4241178 price or rental value for public facilities owned or developed by the
4251179 redevelopment commission and the unit in the certified technology
4261180 park at below market rate.
4271181 (b) If public facilities developed under an agreement entered into
4281182 under this chapter are conveyed or leased at less than fair market value
4291183 or at below market rates, the terms of the conveyance or lease shall
4301184 include legal and equitable remedies and rights to assure that the public
4311185 facilities are used for high technology activities or as a business
4321186 incubator. Legal and equitable remedies and rights may include
4331187 penalties and actual or liquidated damages.
434-SECTION 14. IC 36-7-32-14, AS AMENDED BY P.L.4-2005,
1188+SECTION 13. IC 36-7-32-14, AS AMENDED BY P.L.4-2005,
4351189 SECTION 147, IS AMENDED TO READ AS FOLLOWS
4361190 [EFFECTIVE JULY 1, 2025]: Sec. 14. The Indiana economic
4371191 development corporation office shall market the certified technology
4381192 park. The corporation office and a redevelopment commission may
4391193 contract with each other or any third party for these marketing services.
440-SECTION 15. IC 36-7-32-17.3, AS ADDED BY P.L.123-2024,
1194+SECTION 14. IC 36-7-32-17.3, AS ADDED BY P.L.123-2024,
4411195 SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
4421196 JULY 1, 2025]: Sec. 17.3. Notwithstanding any other law, if the
4431197 Indiana economic development corporation office subsequently
4441198 designates territory that is located in an existing allocation area under
4451199 this chapter as an innovation development district under IC 36-7-32.5,
4461200 the allocation area may not be renewed or extended under this chapter
4471201 until the term of the innovation development district expires.
448-SECTION 16. IC 36-7-32-20 IS AMENDED TO READ AS
1202+SECTION 15. IC 36-7-32-20 IS AMENDED TO READ AS
1203+ES 516—LS 7310/DI 120 29
4491204 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 20. (a) After entering
4501205 into an agreement under section 12 of this chapter, the redevelopment
4511206 commission shall send to the department of state revenue and to the
4521207 office:
4531208 (1) a certified copy of the designation of the certified technology
4541209 park under section 11 of this chapter;
4551210 (2) a certified copy of the agreement entered into under section 12
4561211 of this chapter; and
4571212 (3) a complete list of the employers in the certified technology
4581213 park and the street names and the range of street numbers of each
4591214 street in the certified technology park.
4601215 The redevelopment commission shall update the list provided under
4611216 subdivision (3) before July 1 of each year.
4621217 (b) Not later than sixty (60) days after receiving a copy of the
4631218 designation of the certified technology park, the department of state
4641219 revenue shall determine the gross retail base period amount and the
465-SEA 516 — Concur 12
4661220 income tax base period amount.
467-SECTION 17. IC 36-7-32-21, AS AMENDED BY P.L.261-2013,
1221+SECTION 16. IC 36-7-32-21, AS AMENDED BY P.L.261-2013,
4681222 SECTION 47, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
4691223 JULY 1, 2025]: Sec. 21. (a) Before the first business day in October of
4701224 each year, the department of state revenue shall calculate the income
4711225 tax incremental amount and the gross retail incremental amount for the
4721226 preceding state fiscal year for each certified technology park designated
4731227 under this chapter.
4741228 (b) Taxpayers operating in the certified technology park shall report
4751229 annually to the department of state revenue and to the office, in the
4761230 manner and in the form prescribed by the department, information that
4771231 the department determines necessary to calculate the net increment.
4781232 (c) A taxpayer operating in the certified technology park that files
4791233 a consolidated tax return with the department also shall file annually:
4801234 (1) an informational return with the department for each business
4811235 location of the taxpayer within the certified technology park; and
4821236 (2) a copy of the informational return required under
4831237 subdivision (1) with the office.
4841238 (d) If a taxpayer fails to report the information required by this
4851239 section or file an informational return required by this section, the
4861240 department shall use the best information available in calculating the
4871241 income tax incremental amount and the gross retail incremental
4881242 amount.
489-SECTION 18. IC 36-7-32-22, AS AMENDED BY P.L.236-2023,
1243+SECTION 17. IC 36-7-32-22, AS AMENDED BY P.L.236-2023,
4901244 SECTION 188, IS AMENDED TO READ AS FOLLOWS
4911245 [EFFECTIVE JULY 1, 2025]: Sec. 22. (a) The treasurer of state shall
1246+ES 516—LS 7310/DI 120 30
4921247 establish an incremental tax financing fund for each certified
4931248 technology park designated under this chapter. The fund shall be
4941249 administered by the treasurer of state. Money in the fund does not
4951250 revert to the state general fund at the end of a state fiscal year.
4961251 (b) Subject to subsection (c), the following amounts shall be
4971252 deposited during each state fiscal year in the incremental tax financing
4981253 fund established for a certified technology park under subsection (a):
4991254 (1) The aggregate amount of state gross retail and use taxes that
5001255 are remitted under IC 6-2.5 by businesses operating in the
5011256 certified technology park, until the amount of state gross retail
5021257 and use taxes deposited equals the gross retail incremental
5031258 amount for the certified technology park.
5041259 (2) Except as provided in subdivision (3), the aggregate amount
5051260 of the following taxes paid by employees employed in the
5061261 certified technology park with respect to wages earned for work
5071262 in the certified technology park, until the amount deposited equals
508-SEA 516 — Concur 13
5091263 the income tax incremental amount as defined in section 8.5(1) of
5101264 this chapter:
5111265 (A) The adjusted gross income tax.
5121266 (B) The local income tax (IC 6-3.6).
5131267 (3) In the case of a certified technology park to which subsection
5141268 (e) applies, the amount determined under subsection (e), if any.
5151269 (c) Except as provided in subsections (d) and (e), not more than a
5161270 total of five million dollars ($5,000,000) may be deposited in a
5171271 particular incremental tax financing fund for a certified technology
5181272 park over the life of the certified technology park.
5191273 (d) Except as provided in subsection (e), in the case of a certified
5201274 technology park that is operating under a written agreement entered
5211275 into by two (2) or more redevelopment commissions, and subject to
5221276 section 26(b)(4) of this chapter:
5231277 (1) not more than a total of five million dollars ($5,000,000) may
5241278 be deposited over the life of the certified technology park in the
5251279 incremental tax financing fund of each redevelopment
5261280 commission participating in the operation of the certified
5271281 technology park; and
5281282 (2) the total amount that may be deposited in all incremental tax
5291283 financing funds, over the life of the certified technology park, in
5301284 aggregate, may not exceed the result of:
5311285 (A) five million dollars ($5,000,000); multiplied by
5321286 (B) the number of redevelopment commissions that have
5331287 entered into a written agreement for the operation of the
5341288 certified technology park.
1289+ES 516—LS 7310/DI 120 31
5351290 (e) If a certified technology park has reached the limit on deposits
5361291 under subsection (c) or (d) and maintains its certification under section
5371292 11(c) of this chapter, the certified technology park shall become a
5381293 Level 2 certified technology park and an additional annual deposit
5391294 amount shall be deposited in the incremental tax financing fund for the
5401295 certified technology park equal to the following:
5411296 (1) For a certified technology park to which subsection (c)
5421297 applies, the lesser of:
5431298 (A) the income tax incremental amount as defined in section
5441299 8.5(2) of this chapter; or
5451300 (B) two hundred fifty thousand dollars ($250,000).
5461301 (2) For a certified technology park to which subsection (d)
5471302 applies, the lesser of:
5481303 (A) the aggregate income tax incremental amounts as defined
5491304 in section 8.5(2) of this chapter attributable to each
5501305 redevelopment commission that has entered into a written
551-SEA 516 — Concur 14
5521306 agreement for the operation of the certified technology park;
5531307 or
5541308 (B) two hundred fifty thousand dollars ($250,000) multiplied
5551309 by the number of redevelopment commissions that have
5561310 entered into a written agreement for the operation of the
5571311 certified technology park.
5581312 (3) The following apply to deposits under this subsection:
5591313 (A) If a certified technology park reached its limit on deposits
5601314 based on a state fiscal year ending before July 1, 2020, the
5611315 certified technology park shall receive deposits based on the
5621316 income tax incremental amount as defined in section 8.5(2) of
5631317 this chapter for each state fiscal year ending after June 30,
5641318 2019.
5651319 (B) If a certified technology park reached its limit on deposits
5661320 based on a state fiscal year ending after June 30, 2020, the
5671321 certified technology park shall receive deposits based on the
5681322 income tax incremental amount as defined in section 8.5(2) of
5691323 this chapter for the state fiscal year in which it reached its limit
5701324 on deposits under subsection (c) or (d) and each state fiscal
5711325 year thereafter.
5721326 (C) If a certified technology park is permitted to receive
5731327 deposits under this subsection during the state fiscal year in
5741328 which it reached its limit on deposits under subsection (c) or
5751329 (d), the income tax incremental amount for purposes of
5761330 subdivision (1)(A) or (1)(B) for that state fiscal year shall be
5771331 reduced by an amount equal to:
1332+ES 516—LS 7310/DI 120 32
5781333 (i) the deposit amount for the state fiscal year under
5791334 subsection (b) required to reach the limit on deposits under
5801335 subsection (c) or (d); minus
5811336 (ii) the gross retail incremental amount determined under
5821337 section 6.5 of this chapter;
5831338 but not less than zero (0).
5841339 (f) This subsection applies to a Level 2 certified technology park
5851340 designated in subsection (e). When the Indiana economic development
5861341 corporation office recertifies a certified technology park as required
5871342 under section 11 of this chapter, the corporation office shall make a
5881343 determination of whether the certified technology park shall continue
5891344 to be designated as a Level 2 certified technology park.
5901345 (g) On or before the twentieth day of each month, all amounts held
5911346 in the incremental tax financing fund established for a certified
5921347 technology park shall be distributed to the redevelopment commission
5931348 for deposit in the certified technology park fund established under
594-SEA 516 — Concur 15
5951349 section 23 of this chapter.
596-SECTION 19. IC 36-7-32-29, AS ADDED BY P.L.105-2023,
1350+SECTION 18. IC 36-7-32-29, AS ADDED BY P.L.105-2023,
5971351 SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
5981352 JULY 1, 2025]: Sec. 29. Before January 1, 2024, and before January 1
5991353 of each even-numbered year thereafter, the Indiana economic
6001354 development corporation office shall submit a report to the budget
6011355 committee that includes at least the following information for each
6021356 certified technology park:
6031357 (1) The total number of businesses located in the certified
6041358 technology park, including the specific number of businesses
6051359 engaged in high technology activity in the certified technology
6061360 park.
6071361 (2) The number of businesses described in subdivision (1) that
6081362 have left the certified technology park and the locations to which
6091363 the businesses moved.
6101364 (3) The number of employees of each business described in
6111365 subdivision (1), and the average annual wage paid to those
6121366 employees.
6131367 (4) The amount of capital investment that each business described
614-in subdivision (1) has secured.
615-SECTION 20. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
616-CODE AS A NEW SECTION TO READ AS FOLLOWS
617-[EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
618-of each year, the corporation and the executive of a county, city, or
619-town in which an innovation development district is designated
620-under section 9 of this chapter shall submit a report setting out the
621-innovation development district's activities during the preceding
622-calendar year to the:
623-(1) fiscal body of the county, city, or town; and
624-(2) department of local government finance in an electronic
625-format.
626-(b) The report required under subsection (a) must include the
627-following information set forth for each innovation development
628-district regarding the previous year:
629-(1) Revenues received.
630-(2) Expenses paid.
631-(3) Fund balances.
632-(4) The amount and maturity date for all outstanding
633-obligations.
634-(5) The amount paid on outstanding obligations.
635-(6) A list of all the parcels and the depreciable personal
636-property of any designated taxpayer included in each tax
637-SEA 516 — Concur 16
638-increment financing district allocation area and the base
639-assessed value and incremental assessed value for each parcel
640-and the depreciable personal property of any designated
641-taxpayer in the list.
642-(7) Amounts distributed to cities, towns, counties, or school
643-corporations as described in section 19(e) of this chapter.
644-SECTION 21. IC 36-7.7-1-2 IS REPEALED [EFFECTIVE UPON
645-PASSAGE]. Sec. 2. This article expires July 1, 2025.
646-SECTION 22. An emergency is declared for this act.
647-SEA 516 — Concur President of the Senate
648-President Pro Tempore
649-Speaker of the House of Representatives
650-Governor of the State of Indiana
651-Date: Time:
652-SEA 516 — Concur
1368+in subdivision (1) has secured.".
1369+Renumber all SECTIONS consecutively.
1370+and when so amended that said bill do pass.
1371+ES 516—LS 7310/DI 120 33
1372+(Reference is to SB 516 as reprinted February 18, 2025.)
1373+THOMPSON
1374+Committee Vote: yeas 23, nays 0.
1375+ES 516—LS 7310/DI 120