HB 1457 Summary

• Permits state educational institutions with research intensive campuses to directly hold equity in private entities they control and actively manage, using eligible property (non-public funding sources), provided the holdings serve a public or charitable purpose and are not held for speculation.

• Allows public benefit corporations to merge with state educational institutions without court approval if the public benefit corporation is controlled by the state educational institution before the merger.

• Establishes university innovation districts for research intensive campuses where incremental state income taxes from employees working in the district are collected and distributed to the campus for research and technology commercialization activities.

• Requires Indiana economic development corporation to designate university innovation districts based on demonstrated financial support, research successes, infrastructure availability, business incubator facilities, and qualified technology commercialization staff.

• Permits certified technology parks associated with research intensive campuses to be reclassified as university innovation districts if they have received at least $5,000,000 in incremental tax financing and meet district classification requirements.

• Effective date: July 1, 2015.