IN SB0299

Authorizes the Indiana Economic Development Corporation to designate railroad redevelopment zones along freight rail lines subject to discontinuation or abandonment petitions, with zones extending one-quarter mile from the rail line and lasting 10 years

Provides businesses in railroad redevelopment zones with tax incentives equivalent to enterprise zones, including property tax deductions, adjusted gross income deductions up to $7,500 for qualified employees, and various tax credits under IC 6-1.1-45, IC 6-3.1-7, IC 6-3.1-9, and IC 6-3.1-10

Requires zone businesses claiming incentives exceeding $1,000 annually to pay a 1% registration fee to the board, with penalties of 15% for late compliance and disqualification from the program for failure to comply by July 16

Renames the E85 fueling station grant fund to the agricultural biomass infrastructure grant fund and expands it to cover biofuel production and distribution infrastructure, with grants capped at the lesser of 50% of qualified investment or $100,000

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