Sec. 12.5. (a) An advisory commission on industrial development that designates a district under section 12 or 12.1 of this chapter or the legislative body of a county or municipality that adopts an ordinance designating a district under section 10.5 of this chapter may petition for permission to modify the boundaries of the district. The petition must be submitted to the budget committee for review and recommendation to the budget agency.

     (b) When considering a petition submitted under subsection (a), the budget committee and the budget agency must make the following findings:

(1) The area to be added to the district, if any, meets the conditions necessary for designation as a district under section 10.5, 12, or 12.1 of this chapter.

(2) The proposed modification of the district will benefit the people of Indiana by protecting or increasing state and local tax bases and tax revenues for at least the duration of the district.

     (c) Upon approving a petition submitted under subsection (a), the budget agency shall certify the district’s modified boundaries to the department of state revenue.

As added by P.L.81-2004, SEC.36 and P.L.90-2004, SEC.9.