House Bill 1615, introduced in Indiana on March 31, 2025, aims to enhance the financial framework for Level 2 certified technology parks in the state. The bill proposes to increase the maximum annual deposit amount for these parks to $500,000, or $500,000 multiplied by the number of redevelopment commissions involved in their operation. This adjustment is designed to stimulate economic growth and innovation within designated technology hubs.

A significant provision of the bill allows Level 2 parks that reach their deposit limit, maintain certification, and are located within military base enhancement areas to transition to Level 3 parks. This upgrade would enable them to receive an additional annual incremental income tax deposit of up to $250,000, further incentivizing development in these strategic locations.

The bill has garnered unanimous support in the House, passing with a vote of 92-0, and has moved through various committees with favorable reports. Notably, it was amended in the Senate to refine its provisions before being reported favorably by the Committee on Tax and Fiscal Policy.

Supporters of House Bill 1615 argue that it will bolster Indiana's position as a leader in technology and innovation, particularly in areas adjacent to military installations, which can benefit from enhanced economic activity. Critics, however, have raised concerns about the potential long-term fiscal implications of increased tax incentives and whether they will yield the anticipated economic benefits.

As the bill progresses toward its effective date of July 1, 2025, its implications for local economies and the technology sector in Indiana remain a focal point of discussion among lawmakers and stakeholders. The successful implementation of House Bill 1615 could pave the way for increased investment and job creation in the state's technology parks, marking a significant step in Indiana's economic development strategy.