Indiana Gov. Eric J. Holcomb and Secretary of Commerce Brad Chambers were pleased with the adoption of SB 361, a governor’s agenda bill which will strengthen the state’s position as the best state for business through new tools. The legislation addresses needed adjustments to the state’s 20-year-old investment tools and creates Innovation Development Districts (IDD) which allow the state to capture property, income and sales tax for unique economic development needs, and improve the state’s speed and ability to attract large, dynamic economic development projects.
"These are important updates to our economic development toolbox. The IEDC will now be better equipped to propel our economy forward, setting Indiana up for growth and innovation for generations to come," Gov. Holcomb said.
"Indiana is already a great place for business, and these updates will strengthen our global competitiveness," said Sec. Chambers.
Under the leadership of Gov. Holcomb and his focus on economic development, Sec. Chambers called for toolkit modernization and cast a 5E-focused vision for the future of Indiana’s economy. SB 361 will allow the IEDC to expand the state’s ability to invest in transformational redevelopment projects and create higher wage jobs for Hoosiers in future-focused industries including electric vehicle battery plants, microchip fabricators and energy transition innovators like solar and wind farms. Funding collected in IDDs also will allow for infrastructure improvements, economic development reserves or other public-private partnerships with universities or anchor institutions. and in collaboration with local leaders.
SB 361 also makes the following changes to the IEDC toolbox:
- Removes individual credit caps on traditional investment tools and creates flexibility within these programs by establishing a comprehensive award cap to encompass the IEDC’s most in-demand incentive programs
- Adds state tax credit incentives and a locally funded grant program for remote workers to meet the needs of the changing workforce
The bill now moves to the Governor’s desk for signature.
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