HB1268 Summary

• Authorizes the Indiana Economic Development Corporation board to designate railroad redevelopment zones along freight rail lines subject to Federal Surface Transportation Board petitions to discontinue or abandon service.

• Extends enterprise zone tax incentives (credits, deductions, exemptions) to eligible entities located in railroad redevelopment zones that commit to using freight rail service, and to their employees.

• Establishes a railroad redevelopment zone fund financed by registration fees (1% of incentives exceeding $1,000 annually) and penalties, to be used for program administration and brownfield remediation grants.

• Prohibits businesses that substantially reduce or cease operations outside the zone to relocate into it from receiving zone benefits, unless relocation is due to involuntary lease loss, inability to expand, building damage, or cost disparities certified by three independent estimates.

• Requires the Indiana Department of Transportation to update the state's rail plan to comply with Federal Railroad Administration requirements before January 1, 2012.