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IN SB0465

IN SB0465
Certified technology parks.

summary

Introduced
01/13/2025
In Committee
04/10/2025
Crossed Over
02/21/2025
Passed
Dead
04/24/2025

Introduced Session

2025 Regular Session

Bill Summary

Certified technology parks. Provides that if a Level 2 certified technology park (park): (1) has reached the limit of deposits for a Level 2 park; (2) maintains its certification; and (3) is located within a military base enhancement area; the park shall become a Level 3 park upon reaching its Level 2 deposit limit. Provides that a Level 3 park may receive an additional annual incremental income tax deposit of up to $250,000.

AI Summary

This bill modifies Indiana law regarding certified technology parks, specifically addressing the incremental tax financing fund and deposit limits. Under the current law, there is a $5 million limit on deposits into a certified technology park's incremental tax financing fund. The bill introduces a new provision that allows a Level 2 certified technology park located within a military base enhancement area to become a Level 3 park upon reaching its deposit limit, which would then entitle the park to receive an additional annual incremental income tax deposit of up to $250,000. This change is designed to provide additional financial support for technology parks situated near military bases, helping to encourage economic development and growth in these areas. The bill also makes technical amendments to how income tax incremental amounts are calculated and clarifies the process for recertification and continued designation of technology parks at different levels. The changes will take effect on July 1, 2025, giving state agencies and technology parks time to prepare for the new regulations.

Committee Categories

Budget and Finance

Sponsors (6)

Last Action

Motion to concur filed (on 04/17/2025)

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bill summary

Document Type Source Location
State Bill Page https://iga.in.gov/legislative/2025/bills/senate/465/details
Fiscal Note #3: House Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.03.COMH.FN003.pdf
Fiscal Note #2: House Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.03.COMH.FN002.pdf
BillText https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/SB0465.03.COMH.pdf
Fiscal Note #1: House Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.03.COMH.FN001.pdf
House Ways and Means Amendment #2 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-amendments/amendments/SB0465.02.COMS.AMH02.pdf
House Committee Report https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-reports/SB0465.02.COMS.CRH001.pdf
Vote Sheet April 10, 2025 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/votesheets/SB0465.02.COMS.00.pdf
House Ways and Means Amendment #2 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-amendments/drafts/AM046502.pdf
House Ways and Means Amendment #3 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-amendments/drafts/AM046503.pdf
Fiscal Note #3: Senate Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.02.COMS.FN003.pdf
Fiscal Note #2: Senate Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.02.COMS.FN002.pdf
BillText https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/SB0465.02.COMS.pdf
Fiscal Note #1: Senate Comm Sub https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.02.COMS.FN001.pdf
Senate Tax and Fiscal Policy Amendment #1 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-amendments/amendments/SB0465.01.INTR.AMS01.pdf
Senate Committee Report https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-reports/SB0465.01.INTR.CRS001.pdf
Vote Sheet February 11, 2025 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/votesheets/SB0465.01.INTR.00.pdf
Senate Tax and Fiscal Policy Amendment #1 https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/committee-amendments/drafts/AM046501.pdf
Fiscal Note #3: Introduced https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.01.INTR.FN003.pdf
Fiscal Note #2: Introduced https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.01.INTR.FN002.pdf
Fiscal Note #1: Introduced https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/fiscal-notes/SB0465.01.INTR.FN001.pdf
BillText https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0465/SB0465.01.INTR.pdf
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