Enrolled Senate Bill (S)

DIGEST

Indiana economic development corporation. Provides that the office of small business and entrepreneurship may maintain: (1) a toll free telephone number; and (2) an Internet web page; to provide free access to the office's services related to the Indiana small business development center. Provides that the Indiana economic development corporation (IEDC) may (instead of "shall" as under current law) maintain a small business division to carry out its duties. Provides that, if the IEDC maintains a small business division, the IEDC shall provide free access to the division services through: (1) a toll free telephone number; and (2) an Internet Indiana economic development corporation. Provides that the office of small business and entrepreneurship may maintain: (1) a toll free telephone number; and (2) an Internet web page; to provide free access to the office's services related to the Indiana small business development center. Provides that the Indiana economic development corporation (IEDC) may (instead of "shall" as under current law) maintain a small business division to carry out its duties. Provides that, if the IEDC maintains a small business division, the IEDC shall provide free access to the division services through: (1) a toll free telephone number; and (2) an Internet web page. Repeals the local economic development organization grant program. Amends the definition of "qualified entity" for purposes of the economic development fund to include a local economic development organization eligible for a grant under the local economic development organization grant program. Provides that the IEDC has certain powers concerning enterprise zones that would otherwise be entrusted to the board of the IEDC under current law. Provides that an enterprise zone business that fails to comply with certain annual reporting requirements to the IEDC waives the amount of the tax and exemption incentives available to the zone business for the preceding year, unless the zone business pays the IEDC a penalty of: (1) an amount not to exceed 7% for the first instance of noncompliance; or (2) 15% for the second instance of noncompliance and each subsequent instance; of the amount of the tax credit and exemption incentives for the preceding year. (Under current law, the penalty amount is 15% for each instance of noncompliance.) Provides that the IEDC (and not the board of the IEDC as under current law) has certain powers and duties concerning certain tax credit provisions. Repeals the definition of "director" in certain tax credit provisions. Provides that the IEDC (and not the director of the IEDC as under current law) has certain duties concerning those tax credit provisions. Provides that, if the IEDC determines that a taxpayer is not in compliance with an economic development for a growing economy tax credit agreement, a Hoosier business investment tax credit agreement, or a Hoosier alternative fuel vehicle manufacturer tax credit agreement, the IEDC shall, after giving the taxpayer an opportunity to explain the noncompliance: (1) notify the department of state revenue of the noncompliance; and (2) request that the department of state revenue impose an assessment on the taxpayer as provided by the tax credit agreement. (Under current law, the department of state revenue and the IEDC may make determinations concerning a taxpayer's noncompliance with a tax credit agreement.) Repeals outdated language. Makes conforming amendments. ... View more