A bill authored by State Sen. Brian Buchanan (R-Lebanon) that would increase the amount of incremental sales and income tax dollars a Certified Technology Park can capture passed the Senate unanimously Tuesday, Jan. 31.
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.
This legislation would expand the amount of tax dollars these parks can get.
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 Bill 271 would increase the amount the parks can capture from $100,000 to $500,000 annually.
“Not only will Senate Bill 271 help grow current high-tech businesses in Indiana, but it will also attract new developments to the state,” Buchanan said. “This bill will help keep the state’s economy strong well into the 21st century. Increasing the dollars parks can capture would allow for more support for the businesses and jobs within the park.”
There are currently 22 certified technology parks throughout Indiana, which were created to attract and grow high-tech jobs in the state.
SB 271 will now move to the Indiana House of Representatives for further consideration. To learn more about the bill, visitiga.in.gov.