Senate Bill 319 Summary

• Allows certified technology parks to capture incremental state income and sales taxes plus local income taxes from businesses that relocate outside the park but remain within the same county.

• Phases out the captured tax increment over five years using declining percentages (80%, 60%, 40%, 20%) after the business relocates.

• Permits certified technology parks to apply for boundary modifications during the recertification process if a business incubated in the park, grew successfully, and relocated outside the park within the county.

• Changes references from "Indiana economic development for a growing economy board" to "Indiana economic development corporation" throughout the statute.

• Effective July 1, 2012.