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Senate Bill 0571


Senate Bill 0571

ARCHIVE (2005)

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DIGEST OF SB 571 (Updated April 29, 2005 11:15 am - DI 92)


Economic development. Authorizes various economic development entities to enter into written agreements for jointly undertaken economic development projects. Requires the establishment of a military base development authority concerning a military base that is located in more than two counties if the military base planning council votes to require the establishment of the development authority. Permits the economic development corporation to designate a global commerce center pilot program in eastern Indiana. Allows local income taxes to be captured for the purposes of the global commerce center. Authorizes counties to allocate 3% of the growth in property tax revenues attributable to a global commerce center to a regional economic development district. Designates each certified technology park located within a radius of five miles of the Crane military base as a qualified military base enhancement area. Extends the following incentives, which are currently applicable to businesses located on closed military bases, to businesses that are located in a qualified military base enhancement area and meet certain criteria: (1) The sales tax exemption for electricity purchases. (2) The reduced corporate adjusted gross income tax rate. (3) The investment credit. Authorizes the expansion of a certified technology park to adjacent territory that is located in another county. Requires the department of environmental management to give priority to permit applications concerning certain military bases or installations.
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     Law Enacted
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