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Introduced House Bill (H)

DIGEST

Certified technology park funding. Changes the recertification period for certified technology parks from three years to four years. Provides that once a certified technology park reaches its cap, an additional amount equal to incremental income taxes shall be captured (not to exceed $500,000 annually or in the case of a certified technology park operated by two or more redevelopment commissions, $500,000 per redevelopment commission). Requires a redevelopment commission that has designated a third party manager or operator of a certified technology park to transfer to the manager or operator the amount owed within 30 days of receiving a distribution. Certified technology park funding. Changes the recertification period for certified technology parks from three years to four years. Provides that once a certified technology park reaches its cap, an additional amount equal to incremental income taxes shall be captured (not to exceed $500,000 annually or in the case of a certified technology park operated by two or more redevelopment commissions, $500,000 per redevelopment commission). Requires a redevelopment commission that has designated a third party manager or operator of a certified technology park to transfer to the manager or operator the amount owed within 30 days of receiving a distribution.