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IN HB1356
Bill
Status
1/14/2015
Primary Sponsor
Casey Cox
Click for details
AI Summary
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Amends IC 36-7-32-22 to establish an incremental tax financing fund for each certified technology park, administered by the state treasurer with funds that do not revert to the general fund at fiscal year end
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Deposits into each fund include state gross retail and use taxes from businesses in the park and four types of income taxes paid by employees (adjusted gross income tax, county adjusted gross income tax, county option income tax, and county economic development income tax)
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Limits deposits to a maximum of $5,000,000 per certified technology park during each four-year period beginning from either the park's original designation date or most recent recertification date
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Requires all amounts in the incremental tax financing fund to be distributed by the twentieth day of each month to the redevelopment commission for deposit in the certified technology park fund
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Effective date: July 1, 2015
Legislative Description
Certified technology parks. Provides that a certified technology park may capture up to $5,000,000 of incremental income tax and sales tax revenue every four years.
Last Action
First Reading: referred to Committee on Ways and Means
1/14/2015