Dermody’s bill promoting economic development passes unanimously
INDIANAPOLIS (Feb. 3, 2016) – The Indiana House of Representatives voted unanimously in support of State Rep. Tom Dermody’s (R-LaPorte) bill boosting local economic efforts with enterprise zones.
Enterprise zones allow for certain economic development incentives like income tax deductions and credits for job creation. Current law prevents the establishment of additional enterprise zones. Dermody’s bill would allow for new municipalities to become an enterprise zone. His bill would also enable municipalities to renew their enterprise zones for an additional five years after hitting the expiration date, regardless of the number of times the zone has been renewed. However, all enterprise zones would phase out by Dec. 31, 2030.
“Local governments can use enterprise zones as a tool to help generate economic development and investment within communities impacted by blighted properties and those in need of renovations,” Dermody said. “The LaPorte community is just one of many that currently benefit from enterprise zones. Under my bill, other towns could become enterprise zones, which will lead to economic development.”
Dermody’s bill now heads to the Senate for consideration. Continue to follow this bill to see if it becomes a law at www.iga.in.gov.
Rep. Dermody represents portions of LaPorte and Starke counties.