A bill authored by State Rep. Tom Dermody, R-LaPorte, which would allow towns such as LaPorte to
Dermody
renew enterprise zones that are set to expire, has passed the Indiana House and now moves to the Senate.
“Even though enterprise zones could reduce state revenue, the loss is more than compensated by the creation of jobs and reinvestment in communities across Indiana,” Dermody said in a press release. “In our own community of LaPorte, we have witnessed firsthand the benefits of enterprise zones, with more jobs staying in Indiana as opposed to crossing the border into Michigan.”
The bill passed the House unanimously on Feb. 17, 2015.
“These zones are an important tool which local governments can use to help spur economic development and investment in areas impacted by blighted properties or in need of renovation,” the release stated. “Throughout the years, enterprise zones have helped municipalities promote economic development by offering certain incentives, such as income tax deductions and credits for employment creation. House Bill (HB) 1541 would allow the fiscal body of a municipality to adopt a resolution renewing an enterprise zone for an additional five years after it is set to expire. HB 1541 also extends the length of time in which new municipal enterprise zones may be added. Under current law, new enterprise zones may not be added after Dec. 31, 2015. However, this legislation extends that by five years to Dec. 31, 2020. The legislation also provides that all enterprise zones must be phased out by Dec. 31, 2030.”
For more information on HB 1541, visit iga.in.gov.