Bill > SB0377

This bill establishes new requirements and guidelines for regional economic development funding in Indiana. It defines "regional development authority" to include several existing regional development organizations and creates a comprehensive approval process for state agencies seeking to disburse regional economic development funds. Before releasing any funding, state agencies must obtain advanced approval from the budget committee, including submitting an implementation plan, sample application, and potential selection committee member information. The bill mandates that selection committee meetings be public, with minutes shared electronically and posted online. Funding can only be distributed through specific regional development authorities, and funding commitments must be made in consultation with the Indiana Applied Research Institute, focusing on priority areas such as one health life sciences, emerging biotechnology, microelectronics, quantum physics, artificial intelligence, cybersecurity, and defense development. Additionally, the bill repeals a previous statute that would have expired the central Indiana regional development authority, and declares an emergency, suggesting immediate implementation of these provisions.

Budget and Finance

https://iga.in.gov/legislative/2025/bills/senate/377/details