Senate Enrolled Act 507 - Economic Development Summary

• Repeals the Emerging Technology Grant Fund and the authorization for Indiana Finance Authority to issue bonds for the Twenty-First Century Research and Technology Fund, consolidating economic development funding mechanisms effective July 1, 2017.

• Establishes a new Small Business Ombudsman position within the Indiana Economic Development Corporation to review proposed rules, coordinate enforcement flexibility for small businesses, consolidate forms, and investigate compliance matters with state agencies.

• Transfers the Indiana Small Business Development Center from the Office of Small Business and Entrepreneurship to the Indiana Economic Development Corporation, consolidating small business support services effective July 1, 2017.

• Creates the Indiana Regional Cities Development Fund and assigns governance duties to the IEDC board, allowing the governor to appoint up to three additional board members and adjusting quorum and voting requirements accordingly.

• Establishes a new trademark program allowing the corporation to devise and register a distinctive trademark indicating products substantially produced or assembled in Indiana, with persons able to apply for permission to use the trademark under specified conditions.