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Certified Tech Park

What is a Certified Tech Park?

During the 2002 Special Session of the General Assembly, a new tool was created for use by local governments.  By allowing for the creation of a Certified Technology Park, this tool assists local government in attracting and retaining high-technology firms.

Certified Tech Parks are similar to, but more powerful than, Tax Incremental Financing (TIF) districts.  In addition to capturing incremental tax revenue like a TIF district does, Certified Tech Parks also have the ability to capture incremental sales and income taxes for specified uses within the park.  The income taxes include both the state adjusted gross income tax and local COIT tax.  Local units of government may collect up to $5 million for use within the Certified Tech Park.