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,
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provision adopted), the text of the new provision will appear in this style type. Also, the
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a new provision to the Indiana Code or the Indiana Constitution.
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between statutes enacted by the 2024 Regular Session of the General Assembly.
SENATE ENROLLED ACT No. 516
AN ACT to amend the Indiana Code concerning state and local
administration.
Be it enacted by the General Assembly of the State of Indiana:
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.
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(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
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.
SECTION 3. IC 5-28-5-2, AS ADDED BY P.L.4-2005, SECTION
34, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1,
2025]: Sec. 2. (a) Subject to subsection (b), the corporation is granted
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all powers necessary or appropriate to carry out the corporation's public
and corporate purposes under this chapter.
(b) Before the corporation may purchase land in a county that
in total exceeds one hundred (100) acres whether acquired in one
(1) transaction or a series of transactions, the corporation must
first give notice, in writing, to the board of county commissioners
of the county in which the land is located not later than thirty (30)
days before the closing date for the purchase or purchases. If the
land is located within a city, the corporation must also give notice
in writing to the mayor of the city in which the land is located not
later than thirty (30) days before the closing date.
(c) At the same time the corporation provides the notice
described in subsection (b) to the county or municipality, or both,
in which the land is located, the corporation shall also provide a
copy of the notice described in subsection (b) to the budget
committee.
SECTION 4. IC 5-28-6-11 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 11. If the corporation extends an offer to
one (1) or more voting or nonvoting members of the budget
committee to tour a potential economic development site that may
receive state assistance in undertaking the economic development
project, the corporation shall simultaneously extend the same offer
to all voting and nonvoting members of the budget committee.
SECTION 5. IC 6-1.1-12.7-4, AS ADDED BY P.L.113-2010,
SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 4. (a) A county fiscal body may adopt an
ordinance providing that a deduction applies to the assessed value of
qualified personal property located in the county. The deduction is
equal to one hundred percent (100%) of the assessed value of qualified
personal property located in the county for each calendar year specified
in the ordinance. An ordinance adopted under this section must be
adopted before January 1 of the first assessment year for which a
taxpayer may claim a deduction under the ordinance.
(b) An ordinance adopted under subsection (a) must specify the
number of assessment years that a deduction is allowed under this
chapter. However, a deduction may not be allowed for:
(1) less than two (2) assessment years; or
(2) more than ten (10) assessment years.
(c) The fiscal body shall send a certified copy of the ordinance
adopted under subsection (a) to the county assessor, the county auditor,
and the Indiana economic development corporation. office of
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entrepreneurship and innovation. Subject to this chapter, the fiscal
body's determination of the number of years the deduction is allowed
is final and may not be changed.
(d) An ordinance adopted under subsection (a) may not allow a
deduction for qualified personal property installed after March 1, 2015.
SECTION 6. IC 6-1.1-12.7-5, AS ADDED BY P.L.113-2010,
SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 5. The Indiana economic development corporation
office of entrepreneurship and innovation shall review an ordinance
adopted under this chapter and determine whether it is in the best
interest of the development of the certified technology park to permit
the deduction. The Indiana economic development corporation, office
of entrepreneurship and innovation, after conducting a hearing, may
approve the ordinance, approve the ordinance with modifications, or
disapprove the ordinance. An owner of qualified personal property is
eligible for a deduction under this chapter only to the extent permitted
under an ordinance (as modified by the Indiana economic development
corporation) office of entrepreneurship and innovation) that is
approved under this section.
SECTION 7. IC 36-7-32-8.7 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2025]: Sec. 8.7. As used in this chapter, "office" means the office
of entrepreneurship and innovation established by IC 4-3-28.1-3.
SECTION 8. IC 36-7-32-9, AS AMENDED BY P.L.4-2005,
SECTION 142, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2025]: Sec. 9. As used in this chapter, subject
to the approval of the Indiana economic development corporation
office under an agreement entered into under section 12 of this chapter,
"public facilities" includes the following:
(1) A street, road, bridge, storm water or sanitary sewer, sewage
treatment facility, facility designed to reduce, eliminate, or
prevent the spread of identified soil or groundwater
contamination, drainage system, retention basin, pretreatment
facility, waterway, waterline, water storage facility, rail line,
electric, gas, telephone or other communications, or any other
type of utility line or pipeline, or other similar or related structure
or improvement, together with necessary easements for the
structure or improvement. Except for rail lines, utility lines, or
pipelines, the structures or improvements described in this
subdivision must be either owned or used by a public agency,
functionally connected to similar or supporting facilities owned
or used by a public agency, or designed and dedicated to use by,
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for the benefit of, or for the protection of the health, welfare, or
safety of the public generally, whether or not used by a single
business entity. Any road, street, or bridge must be continuously
open to public access. A public facility must be located on public
property or in a public, utility, or transportation easement or
right-of-way.
(2) Land and other assets that are or may become eligible for
depreciation for federal income tax purposes for a business
incubator located in a certified technology park.
(3) Land and other assets that, if privately owned, would be
eligible for depreciation for federal income tax purposes for
laboratory facilities, research and development facilities,
conference facilities, teleconference facilities, testing facilities,
training facilities, or quality control facilities:
(A) that are or that support property whose primary purpose
and use is or will be for a high technology activity;
(B) that are owned by a public entity; and
(C) that are located within a certified technology park.
SECTION 9. IC 36-7-32-10, AS AMENDED BY P.L.203-2005,
SECTION 12, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 10. (a) A unit may apply to the Indiana economic
development corporation office for designation of all or part of the
territory within the jurisdiction of the unit's redevelopment commission
as a certified technology park and to enter into an agreement governing
the terms and conditions of the designation. The application must be in
a form specified by the Indiana economic development corporation
office and must include information the corporation office determines
necessary to make the determinations required under section 11 of this
chapter.
(b) This subsection applies only to a unit in which a certified
technology park designated before January 1, 2005, is located. A unit
may apply to the Indiana economic development corporation office for
permission to expand the unit's certified technology park to include
territory that is adjacent to the unit's certified technology park but
located in another county. The corporation office shall grant the unit
permission to expand the certified technology park if the unit and the
redevelopment commission having jurisdiction over the adjacent
territory approve the proposed expansion in a resolution. A certified
copy of each resolution approving the proposed expansion must be
attached to the application submitted under this subsection.
SECTION 10. IC 36-7-32-11, AS AMENDED BY P.L.105-2023,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
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JULY 1, 2025]: Sec. 11. (a) After receipt of an application under
section 10 of this chapter, and subject to subsection (b), the Indiana
economic development corporation office may designate a certified
technology park if the corporation office determines that the
application demonstrates a firm commitment from at least one (1)
business engaged in a high technology activity creating a significant
number of jobs and satisfies one (1) or more of the following additional
criteria:
(1) A demonstration of significant support from an institution of
higher education, a private research based institute, or a military
research and development or testing facility on an active United
States government military base or other military installation
located within, or in the vicinity of, the proposed certified
technology park, as evidenced by the following criteria:
(A) Grants of preferences for access to and commercialization
of intellectual property.
(B) Access to laboratory and other facilities owned by or under
the control of the postsecondary educational institution or
private research based institute.
(C) Donations of services.
(D) Access to telecommunications facilities and other
infrastructure.
(E) Financial commitments.
(F) Access to faculty, staff, and students.
(G) Opportunities for adjunct faculty and other types of staff
arrangements or affiliations.
(H) Other criteria considered appropriate by the Indiana
economic development corporation. office.
(2) A demonstration of a significant commitment by the
postsecondary educational institution, private research based
institute, or military research and development or testing facility
on an active United States government military base or other
military installation to the commercialization of research
produced at the certified technology park, as evidenced by the
intellectual property and, if applicable, tenure policies that reward
faculty and staff for commercialization and collaboration with
private businesses.
(3) A demonstration that the proposed certified technology park
will be developed to take advantage of the unique characteristics
and specialties offered by the public and private resources
available in the area in which the proposed certified technology
park will be located.
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(4) The existence of or proposed development of a business
incubator within the proposed certified technology park that
exhibits the following types of resources and organization:
(A) Significant financial and other types of support from the
public or private resources in the area in which the proposed
certified technology park will be located.
(B) A business plan exhibiting the economic utilization and
availability of resources and a likelihood of successful
development of technologies and research into viable business
enterprises.
(C) A commitment to the employment of a qualified full-time
manager to supervise the development and operation of the
business incubator.
(5) The existence of a business plan for the proposed certified
technology park that identifies its objectives in a clearly focused
and measurable fashion and that addresses the following matters:
(A) A commitment to new business formation.
(B) The clustering of businesses, technology, and research.
(C) The opportunity for and costs of development of properties
under common ownership or control.
(D) The availability of and method proposed for development
of infrastructure and other improvements, including
telecommunications technology, necessary for the
development of the proposed certified technology park.
(E) Assumptions of costs and revenues related to the
development of the proposed certified technology park.
(6) A demonstrable and satisfactory assurance that the proposed
certified technology park can be developed to principally contain
property that is primarily used for, or will be primarily used for,
a high technology activity or a business incubator.
(b) The Indiana economic development corporation office may not
approve an application that would result in a substantial reduction or
cessation of operations in another location in Indiana in order to
relocate them within the certified technology park. The Indiana
economic development corporation office may designate not more than
two (2) new certified technology parks during any state fiscal year. The
designation of a new certified technology park is subject to review and
approval under section 11.5 of this chapter.
(c) A certified technology park designated under this section is
subject to the review of the Indiana economic development corporation
office and must be recertified:
(1) every four (4) years, for a recertification occurring before
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January 1, 2018, or after December 31, 2019; and
(2) every three (3) years, for a recertification occurring after
December 31, 2017, and before January 1, 2020.
(d) The corporation office shall develop procedures and the criteria
to be used in the review required under subsection (c). The procedures
and criteria must include the metrics developed under subsection (h)
for measuring the performance of a certified technology park.
(e) A certified technology park shall furnish to the corporation
office the following information to be used in the course of the review:
(1) Total employment and payroll levels for all businesses
operating within the certified technology park.
(2) The nature and extent of any technology transfer activity
occurring within the certified technology park.
(3) The nature and extent of any nontechnology businesses
operating within the certified technology park.
(4) The use and outcomes of any state money made available to
the certified technology park.
(5) An analysis of the certified technology park's overall
contribution to the technology based economy in Indiana.
(6) The nature and extent of financial support secured by the
certified technology park from outside sources such as
philanthropy, federal government, local government, and other
private or nonprofit sources, and including the nature, type, and
structure of the funding mechanisms to support the development
and growth of the certified technology park.
(7) The nature and extent of incubation services provided to
businesses consistent with incubation industry best practices, and
growth or relocations of those businesses outside the certified
technology park.
(8) The nature and extent of partnerships undertaken between the
certified technology park and local and regional organizations in
pursuit of shared objectives.
(f) A certified technology park must meet or exceed the minimum
threshold requirements developed under subsection (h)(2) before the
certified technology park may be recertified under this section. If a
certified technology park is not recertified, the Indiana economic
development corporation office shall send a certified copy of a notice
of the determination to the county auditor, the department of local
government finance, and the department of state revenue.
(g) To the extent allowed under IC 5-14-3, the corporation office
shall maintain the confidentiality of any information that is:
(1) submitted as part of the review process under subsection (c);
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and
(2) marked as confidential;
by the certified technology park.
(h) The corporation, office, in conjunction with the office of
management and budget, shall develop metrics for measuring the
performance of a certified technology park during the review period for
recertification under subsection (c). The corporation office shall
consult with local units of government in developing the metrics under
this subsection. The metrics shall include at least the following
elements:
(1) Specific criteria to be used to analyze and evaluate each
category of information furnished to the corporation office under
subsection (e)(1) through (e)(8).
(2) Minimum threshold requirements for the performance of a
certified technology park regarding each category of information
furnished to the corporation office under subsection (e)(1)
through (e)(8) based on the criteria for the analysis and evaluation
of the information under subdivision (1).
(i) The board of the Indiana economic development corporation
office shall adopt the metrics developed under subsection (h) as part of
the criteria to be used in the corporation's office's review under
subsection (c).
SECTION 11. IC 36-7-32-11.5, AS ADDED BY P.L.293-2013(ts),
SECTION 45, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 11.5. (a) If the Indiana economic development
corporation office desires to designate a certified technology park
under this chapter, the corporation office shall submit its proposed
designation to the budget committee for review and recommendation
to the budget agency. The budget committee shall meet not later than
sixty (60) days after receipt of the proposed designation and shall make
a recommendation on the designation to the budget agency.
(b) When considering the proposed designation of a certified
technology park by the corporation office under this section, the budget
committee and the budget agency must make the following findings
before approving the designation:
(1) The area to be designated as a certified technology park meets
the conditions necessary for the designation as a certified
technology park.
(2) The designation of the certified technology park will benefit
the people of Indiana by protecting or increasing state and local
tax bases and tax revenues for at least the duration of the certified
technology park.
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(c) The income tax incremental amount and the gross retail
incremental amount may not be allocated to the certified technology
park until the designation of the certified technology park is approved
under this section.
SECTION 12. IC 36-7-32-12, AS AMENDED BY P.L.154-2007,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 12. A redevelopment commission and the
legislative body of the unit that established the redevelopment
commission may enter into an agreement with the Indiana economic
development corporation office establishing the terms and conditions
governing a certified technology park designated under section 11 of
this chapter. Upon designation of the certified technology park under
the terms of the agreement, the subsequent failure of any party to
comply with the terms of the agreement may result in the termination
or rescission of the designation of the area as a certified technology
park. The agreement must include the following provisions:
(1) A description of the area to be included within the certified
technology park.
(2) Covenants and restrictions, if any, upon all or a part of the
properties contained within the certified technology park and
terms of enforcement of any covenants or restrictions.
(3) The financial commitments of any party to the agreement and
of any owner or developer of property within the certified
technology park.
(4) The terms of any commitment required from a postsecondary
educational institution or private research based institute for
support of the operations and activities within the certified
technology park.
(5) The terms of enforcement of the agreement, which may
include the definition of events of default, cure periods, legal and
equitable remedies and rights, and penalties and damages, actual
or liquidated, upon the occurrence of an event of default.
(6) The public facilities to be developed for the certified
technology park and the costs of those public facilities, as
approved by the Indiana economic development corporation.
office.
SECTION 13. IC 36-7-32-13, AS AMENDED BY P.L.4-2005,
SECTION 146, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2025]: Sec. 13. (a) If the Indiana economic
development corporation office determines that a sale price or rental
value at below market rate will assist in increasing employment or
private investment in a certified technology park, the redevelopment
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commission and the legislative body of the unit may determine the sale
price or rental value for public facilities owned or developed by the
redevelopment commission and the unit in the certified technology
park at below market rate.
(b) If public facilities developed under an agreement entered into
under this chapter are conveyed or leased at less than fair market value
or at below market rates, the terms of the conveyance or lease shall
include legal and equitable remedies and rights to assure that the public
facilities are used for high technology activities or as a business
incubator. Legal and equitable remedies and rights may include
penalties and actual or liquidated damages.
SECTION 14. IC 36-7-32-14, AS AMENDED BY P.L.4-2005,
SECTION 147, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2025]: Sec. 14. The Indiana economic
development corporation office shall market the certified technology
park. The corporation office and a redevelopment commission may
contract with each other or any third party for these marketing services.
SECTION 15. IC 36-7-32-17.3, AS ADDED BY P.L.123-2024,
SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 17.3. Notwithstanding any other law, if the
Indiana economic development corporation office subsequently
designates territory that is located in an existing allocation area under
this chapter as an innovation development district under IC 36-7-32.5,
the allocation area may not be renewed or extended under this chapter
until the term of the innovation development district expires.
SECTION 16. IC 36-7-32-20 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 20. (a) After entering
into an agreement under section 12 of this chapter, the redevelopment
commission shall send to the department of state revenue and to the
office:
(1) a certified copy of the designation of the certified technology
park under section 11 of this chapter;
(2) a certified copy of the agreement entered into under section 12
of this chapter; and
(3) a complete list of the employers in the certified technology
park and the street names and the range of street numbers of each
street in the certified technology park.
The redevelopment commission shall update the list provided under
subdivision (3) before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of the
designation of the certified technology park, the department of state
revenue shall determine the gross retail base period amount and the
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income tax base period amount.
SECTION 17. IC 36-7-32-21, AS AMENDED BY P.L.261-2013,
SECTION 47, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 21. (a) Before the first business day in October of
each year, the department of state revenue shall calculate the income
tax incremental amount and the gross retail incremental amount for the
preceding state fiscal year for each certified technology park designated
under this chapter.
(b) Taxpayers operating in the certified technology park shall report
annually to the department of state revenue and to the office, in the
manner and in the form prescribed by the department, information that
the department determines necessary to calculate the net increment.
(c) A taxpayer operating in the certified technology park that files
a consolidated tax return with the department also shall file annually:
(1) an informational return with the department for each business
location of the taxpayer within the certified technology park; and
(2) a copy of the informational return required under
subdivision (1) with the office.
(d) If a taxpayer fails to report the information required by this
section or file an informational return required by this section, the
department shall use the best information available in calculating the
income tax incremental amount and the gross retail incremental
amount.
SECTION 18. IC 36-7-32-22, AS AMENDED BY P.L.236-2023,
SECTION 188, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2025]: Sec. 22. (a) The treasurer of state shall
establish an incremental tax financing fund for each certified
technology park designated under this chapter. The fund shall be
administered by the treasurer of state. Money in the fund does not
revert to the state general fund at the end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall be
deposited during each state fiscal year in the incremental tax financing
fund established for a certified technology park under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the
certified technology park, until the amount of state gross retail
and use taxes deposited equals the gross retail incremental
amount for the certified technology park.
(2) Except as provided in subdivision (3), the aggregate amount
of the following taxes paid by employees employed in the
certified technology park with respect to wages earned for work
in the certified technology park, until the amount deposited equals
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the income tax incremental amount as defined in section 8.5(1) of
this chapter:
(A) The adjusted gross income tax.
(B) The local income tax (IC 6-3.6).
(3) In the case of a certified technology park to which subsection
(e) applies, the amount determined under subsection (e), if any.
(c) Except as provided in subsections (d) and (e), not more than a
total of five million dollars ($5,000,000) may be deposited in a
particular incremental tax financing fund for a certified technology
park over the life of the certified technology park.
(d) Except as provided in subsection (e), in the case of a certified
technology park that is operating under a written agreement entered
into by two (2) or more redevelopment commissions, and subject to
section 26(b)(4) of this chapter:
(1) not more than a total of five million dollars ($5,000,000) may
be deposited over the life of the certified technology park in the
incremental tax financing fund of each redevelopment
commission participating in the operation of the certified
technology park; and
(2) the total amount that may be deposited in all incremental tax
financing funds, over the life of the certified technology park, in
aggregate, may not exceed the result of:
(A) five million dollars ($5,000,000); multiplied by
(B) the number of redevelopment commissions that have
entered into a written agreement for the operation of the
certified technology park.
(e) If a certified technology park has reached the limit on deposits
under subsection (c) or (d) and maintains its certification under section
11(c) of this chapter, the certified technology park shall become a
Level 2 certified technology park and an additional annual deposit
amount shall be deposited in the incremental tax financing fund for the
certified technology park equal to the following:
(1) For a certified technology park to which subsection (c)
applies, the lesser of:
(A) the income tax incremental amount as defined in section
8.5(2) of this chapter; or
(B) two hundred fifty thousand dollars ($250,000).
(2) For a certified technology park to which subsection (d)
applies, the lesser of:
(A) the aggregate income tax incremental amounts as defined
in section 8.5(2) of this chapter attributable to each
redevelopment commission that has entered into a written
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agreement for the operation of the certified technology park;
or
(B) two hundred fifty thousand dollars ($250,000) multiplied
by the number of redevelopment commissions that have
entered into a written agreement for the operation of the
certified technology park.
(3) The following apply to deposits under this subsection:
(A) If a certified technology park reached its limit on deposits
based on a state fiscal year ending before July 1, 2020, the
certified technology park shall receive deposits based on the
income tax incremental amount as defined in section 8.5(2) of
this chapter for each state fiscal year ending after June 30,
2019.
(B) If a certified technology park reached its limit on deposits
based on a state fiscal year ending after June 30, 2020, the
certified technology park shall receive deposits based on the
income tax incremental amount as defined in section 8.5(2) of
this chapter for the state fiscal year in which it reached its limit
on deposits under subsection (c) or (d) and each state fiscal
year thereafter.
(C) If a certified technology park is permitted to receive
deposits under this subsection during the state fiscal year in
which it reached its limit on deposits under subsection (c) or
(d), the income tax incremental amount for purposes of
subdivision (1)(A) or (1)(B) for that state fiscal year shall be
reduced by an amount equal to:
(i) the deposit amount for the state fiscal year under
subsection (b) required to reach the limit on deposits under
subsection (c) or (d); minus
(ii) the gross retail incremental amount determined under
section 6.5 of this chapter;
but not less than zero (0).
(f) This subsection applies to a Level 2 certified technology park
designated in subsection (e). When the Indiana economic development
corporation office recertifies a certified technology park as required
under section 11 of this chapter, the corporation office shall make a
determination of whether the certified technology park shall continue
to be designated as a Level 2 certified technology park.
(g) On or before the twentieth day of each month, all amounts held
in the incremental tax financing fund established for a certified
technology park shall be distributed to the redevelopment commission
for deposit in the certified technology park fund established under
SEA 516 — Concur 15
section 23 of this chapter.
SECTION 19. IC 36-7-32-29, AS ADDED BY P.L.105-2023,
SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 29. Before January 1, 2024, and before January 1
of each even-numbered year thereafter, the Indiana economic
development corporation office shall submit a report to the budget
committee that includes at least the following information for each
certified technology park:
(1) The total number of businesses located in the certified
technology park, including the specific number of businesses
engaged in high technology activity in the certified technology
park.
(2) The number of businesses described in subdivision (1) that
have left the certified technology park and the locations to which
the businesses moved.
(3) The number of employees of each business described in
subdivision (1), and the average annual wage paid to those
employees.
(4) The amount of capital investment that each business described
in subdivision (1) has secured.
SECTION 20. 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:
(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
SEA 516 — Concur 16
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 21. IC 36-7.7-1-2 IS REPEALED [EFFECTIVE UPON
PASSAGE]. Sec. 2. This article expires July 1, 2025.
SECTION 22. An emergency is declared for this act.
SEA 516 — Concur President of the Senate
President Pro Tempore
Speaker of the House of Representatives
Governor of the State of Indiana
Date: Time:
SEA 516 — Concur