IN SB0585

Allows certified technology parks to capture incremental state income and sales taxes, and local income taxes from businesses that incubated in the park, relocated outside the park but within the same county, with the captured increment phasing out over five years at 80%, 60%, 40%, and 20% in years one through four respectively.

Permits certified technology parks to apply to the Indiana Economic Development Corporation (IEDC) to redraw district boundaries during recertification if conditions are met, including that a relocated business contributed to the base period amounts exceeding incremental amounts.

Modifies definitions of gross retail base period amount and income tax base period amount to account for certified technology parks that have been modified under the new provisions.

Establishes a temporary increase mechanism for gross retail incremental amount and income tax incremental amount when eligible relocated businesses are identified, with the increase declining by 20 percentage points annually over four years.

Effective July 1, 2011.