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IN HB1194
Bill
Status
Introduced
1/10/2017
Primary Sponsor
David Ober
Click for details
AI Summary
- Amends IC 36-7-32-22 to establish incremental tax financing funds for each certified technology park, administered by the state treasurer
- Allows deposits of state gross retail and use taxes from businesses operating in certified technology parks, plus adjusted gross income tax and local income tax from park employees
- Caps total deposits at $5,000,000 per certified technology park during each four-year period beginning from the park's original designation or most recent recertification
- For multi-commission certified technology parks operating under written agreements, allows $5,000,000 per participating redevelopment commission, with aggregate cap equal to $5,000,000 multiplied by the number of participating commissions
- Requires monthly distribution of all incremental tax financing fund amounts to the redevelopment commission for deposit into the certified technology park fund
- Becomes effective July 1, 2017
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
1/10/2017
Committee Referrals
Ways and Means1/10/2017
Full Bill Text
No bill text available