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IN HB1593
Bill
Status
1/22/2019
Primary Sponsor
Dave Heine
Click for details
AI Summary
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Extends the recertification period for certified technology parks from three years to four years, effective July 1, 2019
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Allows certified technology parks that have reached their $5,000,000 lifetime funding cap to capture additional incremental income taxes annually, capped at $500,000 per year
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For technology parks operated by multiple redevelopment commissions, each commission may receive up to $500,000 annually in additional incremental income tax funding after reaching the cap
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Requires redevelopment commissions using third-party managers or operators to transfer owed funds within 30 days of receiving a distribution from the incremental tax financing fund
Legislative Description
Certified technology park funding. Changes the recertification period for certified technology parks from three years to four years. Provides that once a certified technology park reaches its cap, an additional amount equal to incremental income taxes shall be captured (not to exceed $500,000 annually or in the case of a certified technology park operated by two or more redevelopment commissions, $500,000 per redevelopment commission). Requires a redevelopment commission that has designated a third party manager or operator of a certified technology park to transfer to the manager or operator the amount owed within 30 days of receiving a distribution.
Last Action
First reading: referred to Committee on Ways and Means
1/22/2019