Certified technology parks.
Certified technology parks. Provides that if a Level 2 certified technology park (park): (1) has reached the limit of deposits for a Level 2 park; (2) maintains its certification; and (3) is located within a military base enhancement area; the park shall become a Level 3 park upon reaching its Level 2 deposit limit. Provides that a Level 3 park may receive an additional annual incremental income tax deposit of up to $250,000.
This bill, SB0465, proposes a way for certain technology parks to advance to a higher level of certification and benefit from additional tax incentives. Specifically, if a Level 2 certified technology park, located within a military base enhancement area, reaches its deposit limit, maintains its certification, and meets other criteria, it can upgrade to a Level 3 park. As a Level 3 park, it can then receive an extra annual incremental income tax deposit of up to $250,000.
The bill would affect technology parks that meet the specified conditions and are located within military base enhancement areas. By allowing these parks to upgrade their status, they would gain access to higher tax incentives, potentially supporting further growth and development in these areas.
As of April 16, 2025, the bill has been introduced, referred to committees, reported out, and passed through several readings in both the Senate and House. The latest significant action was on April 15, 2025, when the House passed the bill in its third reading. The bill has been returned to the Senate with amendments, and a motion to concur has been filed.