SB 381 Summary

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

• Phases out the captured tax increment over five years, decreasing from 80% in year one to 20% in year four, with full phase-out after year four.

• Permits certified technology parks to apply to the Indiana Economic Development Corporation (IEDC) to redraw district boundaries during the recertification process.

• IEDC may approve boundary modifications if the applicant demonstrates a business grew in the park, relocated within the county, and this relocation caused the base period amounts to exceed incremental amounts.

• Effective July 1, 2013.