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IN SB0521
Bill
Status
1/14/2019
Primary Sponsor
Eddie Melton
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AI Summary
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Adds Gary to the Entrepreneur and Enterprise District pilot program alongside Lafayette and Fort Wayne, making it eligible for grants up to $1,000,000 per year for entrepreneurship, small business development, and technology innovation programs
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Increases the total annual allocation from the Indiana 21st Century Research and Technology Fund for district board grants from $2,000,000 to $3,000,000 to accommodate the additional municipality
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Changes the Indiana Economic Development Corporation's authority to study economic development tools for distressed areas from permissive ("may") to mandatory ("shall")
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Defines distressed areas as communities where unemployment exceeds the state rate or where 20% or more of residents have household income at or below the federal poverty level
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Effective date: July 1, 2019
Legislative Description
Economic development. Requires the Indiana economic development corporation (corporation) to study and develop recommendations for economic development tools for local communities in distressed areas. Adds the city of Gary as a qualified municipality under the entrepreneur and enterprise district pilot program (program). Provides that the city of Gary may receive a grant of up to $1,000,000 per year under the program. Increases the amount the corporation may allocate from the Indiana twenty-first century research and technology fund to district boards established under the program from $2,000,000 to $3,000,000 per year.
Last Action
First reading: referred to Committee on Appropriations
1/14/2019