The bill amends the Technology Park Development Act by updating the provisions related to the technology park facilities tax. It specifies that the tax is levied on every owner of record and every user or occupant of a facility with a certificate, and it clarifies the calculation of the tax based on the state equalized valuation of the facility. The bill also mandates that the tax must be collected and disbursed in accordance with the act, and it outlines the distribution of tax payments to various governmental entities, including the state, cities, and school districts.

Additionally, the bill introduces exemptions for facilities located in renaissance zones or HOPE zones, stating that these facilities are exempt from the technology park facilities tax to the extent provided under the respective acts. It also modifies the language regarding the disbursement of taxes to ensure clarity and consistency in the application of the law. Notably, the bill removes previous provisions related to exemptions for qualified start-up businesses, streamlining the process for tax collection and disbursement.

Statutes affected:
House Introduced Bill: 207.712