Bill Text: IN SB0272 | 2012 | Regular Session | Introduced
Bill Title: Certified technology parks.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-09 - Pursuant to Senate Rule 68(b); reassigned to Committee on Tax and Fiscal Policy [SB0272 Detail]
Download: Indiana-2012-SB0272-Introduced.html
Citations Affected: IC 36-7-32.
Synopsis: Certified technology parks. Provides that the department of
state revenue may adjust the sales tax base period amount or the
income tax base period amount of a certified technology park if an
error was made in the computation of the sales tax base period amount
or the income tax base period amount. Provides that a change in the
sales tax incremental amount or the income tax incremental amount
resulting from an adjustment in the sales base period amount or the
income tax base period amount is retroactive to the later of: (1) the date
on which the incorrect sales base period amount or income tax base
period amount became effective; or (2) July 1 of the state fiscal year
immediately preceding the state fiscal year in which a redevelopment
commission submits a petition to the department of state revenue
seeking a correction of the sales tax base period amount or the income
tax base period amount.
Effective: Upon passage.
January 4, 2012, read first time and referred to Committee on Commerce & Economic
Development.
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A BILL FOR AN ACT to amend the Indiana Code concerning local
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adjustment under section 28 of this chapter):
(1) The adjusted gross income tax.
(2) The county adjusted gross income tax.
(3) The county option income tax.
(4) The county economic development income tax.
( b) A redevelopment commission that submits a petition under subsection (a) has the burden of demonstrating the redevelopment commission's claim by a preponderance of the evidence.
(c) A petition submitted under subsection (a) must include the following:
(1) An explanation of the calculation that was made to determine the gross retail base period amount, income tax base period amount, or both, in effect at the time the petition is made.
(2) An explanation of why the gross retail base period amount, income tax base period amount, or both, should be changed.
(3) An explanation of the proposed change in the calculation of the gross retail base period amount, income tax base period amount, or both, describing:
(A) the proposed change in the calculation formula, if any;
(B) the proposed new facts to use in making the calculation, if any; or
(C) both (A) and (B).
(d) In addition to information provided in a petition submitted under subsection (a), the department of state revenue may require a redevelopment commission to furnish any additional reasonable documentation or other evidence the department of state revenue requires to make its determination.
(e) If the department of state revenue determines as a result of a petition submitted under this section that a certified technology park's gross retail base period amount, income tax base period amount, or both, are incorrect, the department of state revenue shall compute the appropriate adjustments and notify the
petitioning redevelopment commission, the Indiana economic
development corporation, the budget agency, and the treasurer of
state.
(f) An adjustment of a certified technology park's gross retail
base period amount or income tax base period amount under this
section is retroactive to the later of the following dates:
(1) The date the incorrect gross retail base period amount or
income tax base period amount, as applicable, became
effective.
(2) July 1 of the state fiscal year immediately preceding the
state fiscal year in which the redevelopment commission
submitted the petition to the department of state revenue
under subsection (a).
(g) If the date to which an adjustment of a certified technology
park's gross retail base period amount or income tax base period
amount is retroactive occurred before the beginning of the state
fiscal year in which the adjustment is determined under this
section, the department of state revenue shall notify the auditor of
state and the budget agency of the adjustment with an explanation
of the sum of the following:
(1) The difference, if any, between:
(A) the incorrect gross retail incremental amount; and
(B) the adjusted gross retail incremental amount;
of the certified technology park for all state fiscal years before
the state fiscal year in which the determination under this
section is made that are affected by the adjustment in the
gross retail base period amount, based on the date determined
under subsection (f).
(2) The difference, if any, between:
(A) the incorrect income tax incremental amount; and
(B) the adjusted income tax incremental amount;
of the certified technology park for all state fiscal years before
the state fiscal year in which the determination under this
section is made that are affected by the adjustment in the
income tax base period amount, based on the date determined
under subsection (f).
If the auditor of state is satisfied that the explanation furnished by
the department of state revenue of the sum determined under this
subsection is correct, the auditor of state shall transfer the sum
determined under this section from the state general fund to the
incremental tax financing fund for the relevant certified technology
park, without appropriation, subject to section 22(c) of this
chapter, to be distributed as provided in section 22(d) of this
chapter.
