Engrossed Senate Bill (S)

Co-Authored by

DIGEST

Entrepreneur and enterprise districts. Establishes the entrepreneur and enterprise district pilot program (program). Provides that an entrepreneur and enterprise district (district) may be established in: (1) the city of Lafayette; and (2) the city of Fort Wayne. Specifies the conditions that must be satisfied before an area may be designated as a district. Specifies that the mayor of a city in which a district is established 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 Entrepreneur and enterprise districts. Establishes the entrepreneur and enterprise district pilot program (program). Provides that an entrepreneur and enterprise district (district) may be established in: (1) the city of Lafayette; and (2) the city of Fort Wayne. Specifies the conditions that must be satisfied before an area may be designated as a district. Specifies that the mayor of a city in which a district is established 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 that a district expires on the earlier of: (1) five years after the establishment of the district; or (2) December 31, 2022. Requires a district board to present a written report each year to the legislative body of the qualified municipality that established the district. Provides that the Indiana economic development corporation (IEDC) may make grants from the Indiana twenty-first century research and technology fund (fund) to district boards established in the city of Lafayette and the city of Fort Wayne. Provides that the IEDC may allocate $2,000,000 of the total amount held within the fund during each state fiscal year beginning after June 30, 2017, and ending before July 1, 2022, for the purposes of making grants to district boards in the city of Lafayette and the city of Fort Wayne. Provides that the grant amount from the fund for each city during a state fiscal year may not exceed $1,000,000. Provides that the grant money must be used for programs that support entrepreneurship, small business development, technology development, and innovation. 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. 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