A bill authored by State Sen. Brian Buchanan (R-Lebanon) that would increase the amount of incremental sales and income tax dollars acertified technology park can capture passed the General Assembly and will now head to the governor’s desk.
Certified technology parks attract high-tech businesses to Indiana by allowing a local government to allocate certain state and local tax revenue generated inside the park’s boundaries for economic development within its boundaries.
These businesses, in turn, help attract high-paying jobs to regions throughout the state.
Currently, state law allows the parks to capture $5 million in sales and income taxes.
After that cap is met, the parks can capture an additional $100,000 annually for investment.
Senate Enrolled Act 271 would expand the amount of tax dollars these parks can capture from $100,000 to $250,000.
“SEA 271 will allow high-tech businesses in the state to grow and will help attract new developments for future expansions,” Buchanan said. “I am pleased to see the General Assembly pass this bill, which will help keep the Hoosier economy strong well into the 21st century.”
There are currently 22 certified technology parks throughout Indiana, which were created to attract and grow high-tech jobs in the state.
Legislative calendars, agendas, vote tallies, live streams and proposed legislation can be viewed online by visitingiga.in.gov.