§ 36-7-32-22 — Incremental tax financing fund; deposits; distributions

Indiana § 36-7-32-22

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32: Certified Technology Parks

Text

(a) The treasurer of state shall establish an
incremental tax financing fund for each certified technology park
designated under this chapter. The fund shall be administered by the
treasurer of state. Money in the fund does not revert to the state general
fund at the end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall be
deposited during each state fiscal year in the incremental tax financing
fund established for a certified technology park under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the
certified technology park, until the amount of state gross retail
and use taxes deposited equals the gross retail incremental
amount for the certified technology park.
(2) Except as provided in subdivision (3), the aggregate amount
of the following taxes paid by employees employed in the
certified technology park with respect to wages earned for work
in the certified technology park, until the amount deposited equals
the income tax incremental amount as defined in section 8.5(1) of
this chapter:
(A) The adjusted gross income tax.
(B) The local income tax (IC 6-3.6).
(3) In the case of a certified technology park to which subsection
(e) applies, the amount determined under subsection (e), if any.
(c) Except as provided in subsections (d) and (e), not more than a
total of five million dollars ($5,000,000) may be deposited in a
particular incremental tax financing fund for a certified technology
park over the life of the certified technology park.
(d) Except as provided in subsection (e), in the case of a certified
technology park that is operating under a written agreement entered
into by two (2) or more redevelopment commissions, and subject to
section 26(b)(4) of this chapter:
(1) not more than a total of five million dollars ($5,000,000) may
be deposited over the life of the certified technology park in the
incremental tax financing fund of each redevelopment
commission participating in the operation of the certified
technology park; and
(2) the total amount that may be deposited in all incremental tax
financing funds, over the life of the certified technology park, in
aggregate, may not exceed the result of:
(A) five million dollars ($5,000,000); multiplied by
(B) the number of redevelopment commissions that have
entered into a written agreement for the operation of the
certified technology park.
(e) If a certified technology park has reached the limit on deposits
under subsection (c) or (d) and maintains its certification under section
11(c) of this chapter, the certified technology park shall become a
Level 2 certified technology park and an additional annual deposit
amount shall be deposited in the incremental tax financing fund for the
certified technology park equal to the following:
(1) For a certified technology park to which subsection (c)
applies, the lesser of:
(A) the income tax incremental amount as defined in section
8.5(2) of this chapter; or
(B) two hundred fifty thousand dollars ($250,000).
(2) For a certified technology park to which subsection (d)
applies, the lesser of:
(A) the aggregate income tax incremental amounts as defined
in section 8.5(2) of this chapter attributable to each
redevelopment commission that has entered into a written
agreement for the operation of the certified technology park; or
(B) two hundred fifty thousand dollars ($250,000) multiplied by
the number of redevelopment commissions that have entered
into a written agreement for the operation of the certified
technology park.
(3) The following apply to deposits under this subsection:
(A) If a certified technology park reached its limit on deposits
based on a state fiscal year ending before July 1, 2020, the
certified technology park shall receive deposits based on the
income tax incremental amount as defined in section 8.5(2) of
this chapter for each state fiscal year ending after June 30,
2019.
(B) If a certified technology park reached its limit on deposits
based on a state fiscal year ending after June 30, 2020, the
certified technology park shall receive deposits based on the
income tax incremental amount as defined in section 8.5(2) of
this chapter for the state fiscal year in which it reached its limit
on deposits under subsection (c) or (d) and each state fiscal year
thereafter.
(C) If a certified technology park is permitted to receive
deposits under this subsection during the state fiscal year in
which it reached its limit on deposits under subsection (c) or
(d), the income tax incremental amount for purposes of
subdivision (1)(A) or (1)(B) for that state fiscal year shall be
reduced by an amount equal to:
(i) the deposit amount for the state fiscal year under
subsection (b) required to reach the limit on deposits under
subsection (c) or (d); minus
(ii) the gross retail incremental amount determined under
section 6.5 of this chapter;
but not less than zero (0).
(f) This subsection applies to a Level 2 certified technology park
designated in subsection (e). When the office recertifies a certified
technology park as required under section 11 of this chapter, the office
shall make a determination of whether the certified technology park
shall continue to be designated as a Level 2 certified technology park.
(g) On or before the twentieth day of each month, all amounts held
in the incremental tax financing fund established for a certified
technology park shall be distributed to the redevelopment commission
for deposit in the certified technology park fund established under
section 23 of this chapter.

Legislative History

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.249-2015, SEC.32; P.L.197-2016, SEC.139; P.L.158-2019, SEC.33; P.L.32-2021, SEC.101; P.L.105-2023, SEC.2; P.L.236-2023, SEC.188; P.L.145-2025, SEC.18.