Sec. 20. (a) The statewide innovation development district fund is established within the state treasury to provide grants or loans to support the development or expansion of industry in Indiana.

     (b) The fund consists of the following:

(1) Transfers from a local innovation development district fund under section 19(f) of this chapter.

(2) Appropriations from the general assembly.

(3) Loan repayments, including earnings from loans under subsection (d).

     (c) The corporation shall administer the fund. The following may be paid from money in the fund:

(1) The expenses of administering the fund.

(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.

     (d) Earnings from loans made under this chapter shall be deposited in the fund.

     (e) The corporation may make grants, loans, or investments from the fund for the following purposes:

(1) For the purposes identified in section 19(d) of this chapter.

(2) For the acquisition and improvement of land or other property.

(3) For costs associated with creating new innovation development districts.

(4) For the development of partnerships, including grants and loans, between the state, advanced industry, and higher educational institutions focused on development, expansion, or retention in the state.

(5) For the stimulation of investments in entrepreneurial or high growth potential companies in the state.

(6) For workforce training assistance in the state.

     (f) The corporation may use money in the fund to make a payment in lieu of a growing economy tax credit as provided in IC 6-3-5-5.

As added by P.L.135-2022, SEC.28.