HB 1408 IN

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Provides that a regional development authority (RDA) (rather than the Indiana economic development corporation) may designate territory within a county, city, or town as a regional innovation development and manufacturing district (district). Requires an RDA to enter into an agreement with the executive of a county, city, or town (or executives, if applicable) for any territory sought to be designated as a district. (Current law required agreements when the total costs and benefits of a district were expected to be an amount less than $2,000,000,000). Imposes an "annual state revenue transfer cap" on the sum of the net increment of the gross retail incremental amount and the state income tax incremental amount that is equal to 65 times the aggregate population of the territory within an RDA. Provides for review (in addition to budget committee review) by a regional strategic development commission or equivalent authority charged with strategic review under an RDA statute of proposals to designate territory as a district, including designations in which there is an existing allocation area. Lowers the threshold from an unobligated balance of $500,000,000 to $100,000,000 in the statewide district fund required for making transfers to the state general fund. Makes conforming changes.

• Dave Heine Republican · author

1. Jan 13, 2025 First reading: referred to Committee on Ways and Means · lower
2. Jan 13, 2025 Authored by Representative Heine · lower
3. Jan 13, 2025 Coauthored by Representative Snow · lower
4. Jan 27, 2025 Representative Snow removed as coauthor · lower
5. Feb 3, 2025 Representatives Lehman, Snow, GiaQuinta added as coauthors · lower