Bill Text: IN SB0585 | 2011 | Regular Session | Amended
Bill Title: Certified technology parks.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2011-04-04 - Referred to Committee on Ways and Means pursuant to House Rule 127 [SB0585 Detail]
Download: Indiana-2011-SB0585-Amended.html
Citations Affected: IC 36-7.
Synopsis: Certified technology parks. Allows a certified technology
park to apply to the Indiana economic development corporation (IEDC)
to redraw the boundaries of its district at the time of a recertification.
Allows the IEDC to redraw the district if the IEDC finds that certain
conditions are present.
Effective: July 1, 2011.
January 20, 2011, read first time and referred to Committee on Commerce & Economic
Development.
February 15, 2011, amended, reported favorably _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) by the businesses operating in the territory comprising a certified technology park during the full state fiscal year that precedes the date on which the certified technology park was designated under section 11 of this chapter; or
(2) in the case of a certified technology park modified under section 10(c) of this chapter, by the businesses operating in the territory comprising a certified technology park during:
(A) the full state fiscal year that precedes the date on which the certified technology park was designated under section 11 of this chapter; and
(B) the full state fiscal year that precedes the date on which
the certified technology park was modified under section
10(c) of this chapter.
(1) The adjusted gross income tax.
(2) The county adjusted gross income tax.
(3) The county option income tax.
(4) The county economic development income tax.
(b) However, in the case of a certified technology park that was modified under section 10(c) of this chapter, the term means taxes paid for work by employees who are employed in the territory comprising a certified technology park for:
(1) the state fiscal year that precedes the date on which the certified technology park was designated under section 11 of this chapter; and
(2) the state fiscal year that precedes the date on which the certified technology park was modified under section 10(c) of this chapter.
(b) This subsection applies only to a unit in which a certified technology park designated before January 1, 2005, is located. A unit may apply to the Indiana economic development corporation for permission to expand the unit's certified technology park to include territory that is adjacent to the unit's certified technology park but
located in another county. The corporation shall grant the unit
permission to expand the certified technology park if the unit and the
redevelopment commission having jurisdiction over the adjacent
territory approve the proposed expansion in a resolution. A certified
copy of each resolution approving the proposed expansion must be
attached to the application submitted under this subsection.
(c) At the same time as the review and recertification process
under section 11 of this chapter, a unit may apply to the Indiana
economic development corporation for permission to modify the
territory of a certified technology park located within the unit. The
Indiana economic development corporation may grant the unit
permission to modify the territory of the certified technology park
if the corporation finds all the following conditions are satisfied:
(1) The unit approves the proposed modification in a
resolution and a certified copy of the resolution is attached to
the application.
(2) The application is in a form specified by the Indiana
economic development corporation and includes information
the corporation determines necessary to make the
determinations required by this subsection and section 11 of
this chapter.
(3) The territory contained a business that:
(A) was located in the certified technology park on the date
that the certified technology park was designated under
section 11 of this chapter;
(B) successfully grew its business within the certified
technology park; and
(C) subsequently relocated within the county in which the
certified technology park is located but outside the
territory of the certified technology park, and this
relocation contributed to:
(i) the gross retail base period amount being greater than
the gross retail incremental amount; and
(ii) the gross income tax base period amount being
greater than the income tax incremental amount;
for the certified technology park.
(4) The modification of the territory will enhance the
development of the certified technology park.
commission may enter into an agreement with the Indiana economic
development corporation establishing the terms and conditions
governing a certified technology park designated under section 11 of
this chapter or modified under section 10(c) of this chapter. Upon
designation or modification of the certified technology park under the
terms of the agreement, the subsequent failure of any party to comply
with the terms of the agreement may result in the termination or
rescission of the designation of the area as a certified technology park.
The agreement must include the following provisions:
(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.
(1) a certified copy of the designation of the certified technology park under section 11 of this chapter or modification under section 10(c) of this chapter;
(2) a certified copy of the agreement entered into under section 12 of this chapter; and
(3) a complete list of the employers in the certified technology park and the street names and the range of street numbers of each street in the certified technology park.
The redevelopment commission shall update the list provided under subdivision (3) before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of the designation or modification of the certified technology park, the department of state revenue shall determine the gross retail base period amount and the income tax base period amount.