1. (a) The board has the following powers, in addition to other powers that are contained in this chapter:

   1. (1) Before July 1, 2018, to review and approve or reject all applicants for enterprise zone designation, according to the criteria for designation that this chapter provides.
   2. (2) To waive or modify rules as provided in this chapter.

   3. (3) To adopt rules for the disqualification of a zone business from eligibility for any or all incentives available to zone businesses, if that zone business does not do one (1) of the following:

      1. (A) If all its incentives, as contained in the summary required under section 7 of this chapter, exceed one thousand dollars ($1,000) in any year, pay a registration fee to the corporation in an amount equal to one percent (1%) of all its incentives.
      2. (B) Use all its incentives, except for the amount of the registration fee, for its property or employees in the zone.
      3. (C) Remain open and operating as a zone business for twelve
      4. (12) months of the assessment year for which the incentive is claimed.

   4. (4) After a recommendation from a U.E.A., to modify an enterprise zone boundary if the board determines that the modification:

      1. (A) is in the best interests of the zone; and
      2. (B) meets the threshold criteria and factors set forth in section 9 of this chapter.
   5. (5) To employ staff and contract for services.
2. (b) In addition to a registration fee paid under subsection (a)(3)(A), each zone business that receives an incentive described in section 3 of this chapter shall assist the zone U.E.A. in an amount determined by the legislative body of the municipality in which the zone is located. If a zone business does not assist a U.E.A., the legislative body of the municipality in which the zone is located may pass an ordinance disqualifying a zone business from eligibility for all credits or incentives available to zone businesses. If a legislative body disqualifies a zone business under this subsection, the legislative body shall notify the corporation, the department of local government finance, and the department of state revenue in writing not more than thirty (30) days after the passage of the ordinance disqualifying the zone business. Disqualification of a zone business under this section is effective beginning with the taxable year in which the ordinance disqualifying the zone business is adopted.
3. (c) This section expires December 31, 2018.

As added by P.L.4-2005, SEC.34. Amended by P.L.214-2005, SEC.8; P.L.146-2008, SEC.42; P.L.288-2013, SEC.1; P.L.145-2016, SEC.10; P.L.146-2018, SEC.3.