HB 1596-1_ Filed 02/19/2009, 15:24
Adopted 2/19/2009


Text Box

Adopted Rejected


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COMMITTEE REPORT


                                                        YES:

11

                                                        NO:
0

MR. SPEAKER:
    Your Committee on       Small Business and Economic Development     , to which was referred       House Bill 1596     , has had the same under consideration and begs leave to report the same back to the House with the recommendation that said bill be amended as follows:

    Delete everything after the enacting clause and insert the following:

SOURCE: IC 5-28-16-1.5; (09)AM159601.1. -->     SECTION 1. IC 5-28-16-1.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2009]: Sec. 1.5. As used in this chapter, "nanotechnology" means the sciences and technologies that:
        (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.

SOURCE: IC 5-28-16-2; (09)AM159601.2. -->     SECTION 2. IC 5-28-16-2, AS AMENDED BY P.L.127-2007, SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2009]: Sec. 2. (a) The Indiana twenty-first century research

and technology fund is established within the state treasury to provide grants or loans to support proposals for economic development in one (1) or more of the following areas:
        (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.
SOURCE: IC 6-1.1-10-44; (09)AM159601.3. -->     SECTION 3. IC 6-1.1-10-44 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2009]: Sec. 44. (a) As used in this section, "nanotechnology" means the sciences and technologies that:
        (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.

    (Reference is to HB 1596 as introduced.)

and when so amended that said bill do pass.

__________________________________

Representative Sullivan


AM159601/DI 103    2009