HB 1408: Regional innovation development.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · Republican 3

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

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