Bill Text: IN HB1429 | 2013 | Regular Session | Introduced
Bill Title: Certified technology parks.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-01-23 - First reading: referred to Committee on Commerce, Small Business and Economic Development [HB1429 Detail]
Download: Indiana-2013-HB1429-Introduced.html
Citations Affected: IC 36-7-32.
Synopsis: Certified technology parks. Allows the Indiana economic
development corporation and a redevelopment commission to agree to
exclude county adjusted gross income tax, county option income tax,
and county economic development income tax from the income tax
capture amount for the redevelopment commission's certified
technology park. Provides that if two or more redevelopment
commissions agree to undertake joint economic development projects
in their respective certified technology parks, a participating
redevelopment commission may assign part of the available sales and
income tax capture limit for the redevelopment commission's certified
technology park to another cooperating certified technology park.
Provides that the sales and income tax capture limit specified in statute
for a certified technology park may not be reduced by rule or
agreement, except for an assignment agreement between cooperating
redevelopment commissions. Makes appropriations to the Daviess
County, Greene County, and Martin County redevelopment
commissions for the development of infrastructure at the
Westgate@Crane technology park.
Effective: July 1, 2013.
January 23, 2013, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
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A BILL FOR AN ACT to amend the Indiana Code concerning local
government and to make an appropriation.
(1) The adjusted gross income tax.
(2) The county adjusted gross income tax, unless excluded by agreement as described in section 12(b) of this chapter.
(3) The county option income tax, unless excluded by agreement as described in section 12(b) of this chapter.
(4) The county economic development income tax, unless excluded by agreement as described in section 12(b) of this chapter.
SECTION 39, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 8.5. As used in this chapter, "income tax
incremental amount" means the remainder of:
(1) the total amount of:
(A) state adjusted gross income taxes;
(B) county adjusted gross income tax, unless excluded by
agreement as described in section 12(b) of this chapter;
(C) county option income taxes, unless excluded by
agreement as described in section 12(b) of this chapter; and
(D) county economic development income taxes, unless
excluded by agreement as described in section 12(b) of this
chapter;
paid by employees employed in the territory comprising the
certified technology park with respect to wages and salary earned
for work in the territory comprising the certified technology park
for a particular state fiscal year; minus
(2) the sum of the:
(A) income tax base period amount; and
(B) tax credits awarded by the economic development for a
growing economy board under IC 6-3.1-13 to businesses
operating in a certified technology park as the result of wages
earned for work in the certified technology park for the state
fiscal year;
as determined by the department of state revenue.
(1) A description of the area to be included within the certified technology park.
(2) Covenants and restrictions, if any, upon all or a part of the properties contained within the certified technology park and terms of enforcement of any covenants or restrictions.
(3) The financial commitments of any party to the agreement and
of any owner or developer of property within the certified
technology park.
(4) The terms of any commitment required from a postsecondary
educational institution or private research based institute for
support of the operations and activities within the certified
technology park.
(5) The terms of enforcement of the agreement, which may
include the definition of events of default, cure periods, legal and
equitable remedies and rights, and penalties and damages, actual
or liquidated, upon the occurrence of an event of default.
(6) The public facilities to be developed for the certified
technology park and the costs of those public facilities, as
approved by the Indiana economic development corporation.
(b) An agreement between a redevelopment commission and the
Indiana economic development corporation described in subsection
(a) may include a provision excluding the following taxes from the
calculation of the income tax base period amount and the income
tax incremental amount for the certified technology park:
(1) The county adjusted gross income tax.
(2) The county option income tax.
(3) The county economic development income tax.
(b) Subject to subsection (c), the following amounts shall be deposited during each state fiscal year in the incremental tax financing fund established for a certified technology park under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that are remitted under IC 6-2.5 by businesses operating in the certified technology park, until the amount of state gross retail and use taxes deposited equals the gross retail incremental amount for the certified technology park.
(2) The aggregate amount of the following taxes paid by employees employed in the certified technology park with respect to wages earned for work in the certified technology park, until the amount deposited equals the income tax incremental amount:
(A) The adjusted gross income tax.
(B) The county adjusted gross income tax, unless excluded by agreement as described in section 12(b) of this chapter.
(C) The county option income tax, unless excluded by agreement as described in section 12(b) of this chapter.
(D) The county economic development income tax, unless excluded by agreement as described in section 12(b) of this chapter.
(c)
(1) five million dollars ($5,000,000); plus
(2) the sum of all amounts assigned to the certified technology park under section 26(b)(4) of this chapter; minus
(3) the sum of all amounts assigned by the certified technology park under section 26(b)(4) of this chapter.
(d) On or before the twentieth day of each month, all amounts held in the incremental tax financing fund established for a certified technology park shall be distributed to the redevelopment commission for deposit in the certified technology park fund established under section 23 of this chapter.
(e) Except as provided in section 26(b)(4) of this chapter, the limit specified by subsection (c) may not be reduced by rule or agreement. If a rule or agreement adopted or entered into before July 1, 2013, includes a provision reducing the limit specified by subsection (c), the provision in the rule or agreement is void. However, a redevelopment commission, or a unit establishing the redevelopment commission, is barred from making any claim concerning revenue that was not distributed to the redevelopment commission before July 1, 2013, because of a provision of a rule or agreement that is voided by this subsection.
(b) A party to an agreement under this section may do one (1) or more of the following:
(1) Except as provided in subsection (c), grant one (1) or more of its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the agreement.
(3) Pledge any of its revenues, including taxes or allocated taxes
under section 17 of this chapter, to the bonds or lease rental
obligations of another party to the agreement under IC 5-1-14-4.
(4) Assign any available part of the limit specified in section
22(c) of this chapter from the party's certified technology
park to the certified technology park of another party to the
agreement.
(c) A redevelopment commission may not grant to another
redevelopment commission the power to tax or to establish an
allocation area under this chapter.
(d) If a redevelopment commission enters into an agreement, or
an amendment to an agreement, under this section that includes a
provision described in subsection (b)(4), the redevelopment
commission shall promptly notify the treasurer of state, the
Indiana economic development corporation, and the department
of state revenue by certified mail of:
(1) the details of the provision; and
(2) the effect of the provision on the limit specified in section
22(c) of this chapter for the redevelopment commission's
certified technology park.
(d) (e) An action to challenge the validity of an agreement under this
section must be brought not more than thirty (30) days after the
agreement has been approved by all the parties to the agreement. After
that period has passed, the agreement is not contestable for any cause.
(b) There is appropriated two million dollars ($2,000,000) to the redevelopment commission of Greene County from the state general fund for the commission's use in developing infrastructure at the Westgate@Crane technology park beginning July 1, 2013, and ending June 30, 2015.
(c) There is appropriated two million dollars ($2,000,000) to the redevelopment commission of Martin County from the state general fund for the commission's use in developing infrastructure at the Westgate@Crane technology park beginning July 1, 2013, and ending June 30, 2015.
(d) This SECTION expires July 1, 2015.
