summary
Introduced
01/16/2025
01/16/2025
In Committee
03/27/2025
03/27/2025
Crossed Over
02/21/2025
02/21/2025
Passed
04/02/2025
04/02/2025
Dead
Signed/Enacted/Adopted
05/01/2025
05/01/2025
Introduced Session
2025 Regular Session
Bill Summary
Economic development. Establishes the office of entrepreneurship and innovation (office). Specifies the duties of the office. Transfers oversight responsibilities of certified technology parks from the Indiana economic development corporation (IEDC) to the office. Provides for the submission of an annual report of the activities of an innovation development district as to financial information pertaining to tax increment financing districts in an innovation development district to the: (1) fiscal body of the county, city, or town; and (2) department of local government finance. Provides that before the IEDC may purchase land in a county that in total exceeds 100 acres whether acquired in one transaction or a series of transactions, the IEDC must first give notice, in writing, to the board of county commissioners of the county in which the land is located (and to the mayor of a city if the land is located within a city) not later than 30 days before the closing date for the purchase or purchases. Requires the IEDC to provide to the budget committee a copy of the notice being provided to the local unit in which certain land is being purchased. Provides that if the IEDC extends an offer to one or more voting or nonvoting members of the budget committee to tour a potential economic development site that may receive state assistance in undertaking the project, the IEDC shall simultaneously extend the same offer to all voting and nonvoting members of the budget committee. Requires the governor to appoint the president of the IEDC, who shall serve at the pleasure of the governor and report to the secretary of commerce. (Under current law, the secretary of commerce is the president of the IEDC.) Repeals the statute that expires the central Indiana regional development authority.
AI Summary
This bill establishes the Office of Entrepreneurship and Innovation (office) to support and promote business growth, entrepreneurship, and innovation in Indiana. The new office will be led by a director appointed by the governor who will serve at the governor's pleasure and report to the secretary of commerce. The office's key responsibilities include developing programs to support small businesses and entrepreneurs, coordinating with state agencies to align entrepreneurship services, working with stakeholders to provide technical support and resources, and developing youth entrepreneurship programs. The bill transfers oversight of certified technology parks from the Indiana Economic Development Corporation (IEDC) to this new office and requires the IEDC to notify local government officials before purchasing large tracts of land. Additionally, the bill modifies governance of the IEDC by separating the roles of secretary of commerce and president, with the governor now appointing the president who will report to the secretary of commerce. The legislation also introduces new reporting requirements for innovation development districts, mandating annual financial reports to local fiscal bodies and the department of local government finance. These changes aim to enhance support for entrepreneurship and improve transparency in economic development efforts across Indiana.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (9)
Brian Buchanan (R)*,
Jeff Raatz (R)*,
Ron Alting (R),
J.D. Ford (D),
Daniel Lopez (R),
Tim O'Brien (R),
Gregory Porter (D),
Lonnie Randolph (D),
Jake Teshka (R),
Last Action
Public Law 145 (on 05/01/2025)
Official Document
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