Bill Text: IN HB1277 | 2012 | Regular Session | Introduced
Bill Title: Indiana nanotechnology initiative.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-11 - First reading: referred to Committee on Commerce, Small Business and Economic Development [HB1277 Detail]
Download: Indiana-2012-HB1277-Introduced.html
Citations Affected: IC 5-28-16; IC 6-1.1-10-45.
Synopsis: Indiana nanotechnology initiative. Allows the award of
grants or loans from the Indiana twenty-first century research and
technology fund to support proposals for economic development in
nanotechnology. Provides a personal property tax exemption for certain
nanotechnology equipment.
Effective: July 1, 2012.
January 10, 2012, read first time and referred to Committee on Commerce, Small Business
and Economic Development.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) enable understanding, measuring, manipulating, and manufacturing at the atomic, molecular, and supramolecular levels; and
(2) are aimed at creating materials, devices, and systems with fundamentally new molecular organization, properties, and functions.
(1) To increase the capacity of Indiana postsecondary educational
institutions, Indiana businesses, and Indiana nonprofit
corporations and organizations to compete successfully for federal
or private research and development funding.
(2) To stimulate the transfer of research and technology into
marketable products.
(3) To assist with diversifying Indiana's economy by focusing
investment in biomedical research and biotechnology, information
technology, nanotechnology, development of alternative fuel
technologies, development and production of fuel efficient
vehicles, and other high technology industry clusters requiring
high skill, high wage employees.
(4) To encourage an environment of innovation and cooperation
among universities and businesses to promote research activity.
(b) The fund consists of:
(1) appropriations from the general assembly;
(2) proceeds of bonds issued by the Indiana finance authority
under IC 4-4-11.4 for deposit in the fund; and
(3) loan repayments.
(c) The corporation shall administer the fund. The following may be
paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the
purposes of this chapter.
(d) Earnings from loans made under this chapter shall be deposited
in the fund.
(e) The budget agency shall review each recommendation. The
budget agency, after review by the budget committee, may approve,
deny, or modify grants and loans recommended by the board. Money
in the fund may not be used to provide a recurring source of revenue
for the normal operating expenditures of any project.
(f) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(g) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund to be used
exclusively for the purposes of this chapter.
(1) enable understanding, measuring, manipulating, and
manufacturing at the atomic, molecular, and supramolecular
levels; and
(2) are aimed at creating materials, devices, and systems with
fundamentally new molecular organization, properties, and
functions.
(b) Nanotechnology equipment is exempt from property
taxation if the equipment is:
(1) directly related to nanotechnology research; or
(2) primarily used in a project, program, or business based on
nanotechnology.
(c) An owner of nanotechnology equipment who wishes to obtain
the exemption provided in subsection (b) shall claim the exemption
on the owner's annual personal property return. On the return, the
owner shall describe the property and state the assessed value of
the property for which the exemption is claimed.
(d) The township or county assessor shall:
(1) review the exemption claim; and
(2) allow or deny the exemption claim in whole or in part.
In making the decision on an exemption claim under this
subsection, the township or county assessor shall consider the
requirements stated in subsection (b).
(e) A township or county assessor who allows an exemption
claim under this section shall reduce the assessed value of the
personal property that is subject to the exemption for the year for
which the exemption is claimed by the amount of exemption
allowed.
