Sec. 11.5. (a) If the Indiana economic development corporation desires to designate a certified technology park under this chapter, the corporation shall submit its proposed designation to the budget committee for review and recommendation to the budget agency. The budget committee shall meet not later than sixty (60) days after receipt of the proposed designation and shall make a recommendation on the designation to the budget agency.
(b) When considering the proposed designation of a certified technology park by the corporation under this section, the budget committee and the budget agency must make the following findings before approving the designation:
(1) The area to be designated as a certified technology park meets the conditions necessary for the designation as a certified technology park.
(2) The designation of the certified technology park will benefit the people of Indiana by protecting or increasing state and local tax bases and tax revenues for at least the duration of the certified technology park.
(c) The income tax incremental amount and the gross retail incremental amount may not be allocated to the certified technology park until the designation of the certified technology park is approved under this section.
As added by P.L.293-2013(ts), SEC.45.