Engrossed Senate Bill (H)

Co-Authored by

DIGEST

Entrepreneur and enterprise districts. Establishes the entrepreneur and enterprise district pilot program. Authorizes the board of the Indiana economic development corporation to designate one entrepreneur and enterprise district (district) in the city of Lafayette and one district in the city of Fort Wayne. Specifies the conditions that must be satisfied before an area may be designated as a district. Provides that a district expires on the earlier of: (1) the date that is five years after it is designated as a district; or (2) December 31, 2022. Specifies that the mayor of a city that is designated as a district Entrepreneur and enterprise districts. Establishes the entrepreneur and enterprise district pilot program. Authorizes the board of the Indiana economic development corporation to designate one entrepreneur and enterprise district (district) in the city of Lafayette and one district in the city of Fort Wayne. Specifies the conditions that must be satisfied before an area may be designated as a district. Provides that a district expires on the earlier of: (1) the date that is five years after it is designated as a district; or (2) December 31, 2022. Specifies that the mayor of a city that is designated as a district must designate the board of directors of the district by doing one of the following: (1) Designate the urban enterprise association in that city as the board of directors of the district. (2) Appoint a board of directors of the district consisting of seven members selected by the mayor and the fiscal body of the city. Provides for the following incentives for district businesses that meet certain conditions: (1) An exclusion from the 30% valuation floor for depreciable personal property. (2) A property tax deduction for certain investment in a district. (3) A property tax abatement deduction for vacant buildings in a district. (4) A state tax credit for collaborative innovation team expenses in a district. (5) A state tax credit for job creation in a district. (6) A state tax credit for capital investments in certain small businesses in a district. (7) A state tax credit for the sale or licensing of a patent or a proprietary product, process, or technology to a person in a district. Provides that a taxpayer is not entitled to receive any of the following: (1) An enterprise zone loan interest credit for interest received on a loan made after December 31, 2017. (2) An enterprise zone investment cost credit for a qualified investment made after December 31, 2017. ... View more