1. (a) Subject to subsections (c) and (d), a zone business that claims any of the incentives available to zone businesses shall, before June 1 of each year:

   1. (1) submit to the corporation and to the zone U.E.A., on a form prescribed by the corporation, a verified summary concerning the amount of tax credits and exemptions claimed by the business in the preceding year; and
   2. (2) pay the amount specified in section 5(a)(3) of this chapter to the corporation.
2. (b) In order to determine the accuracy of the summary submitted under subsection (a), the corporation is entitled to obtain copies of a zone business's tax records directly from the department of state revenue, the department of local government finance, or a county official, notwithstanding any other law. A summary submitted to the corporation or a zone U.E.A., or a record obtained by the corporation under this section is confidential. A U.E.A. member, an agent of a U.E.A. member, or an employee of the corporation who knowingly or intentionally discloses information that is confidential under this section commits a Class A misdemeanor.
3. (c) The corporation may grant one (1) extension of the time allowed to comply with subsection (a) under the provisions of this subsection. To qualify for an extension, a zone business must apply to the corporation before June 1. The application must be in the form specified by the corporation. The extension may not exceed forty-five
4. (45) days under rules adopted by the board under IC 4-22-2 .
5. (d) If a zone business that did not comply with subsection (a) before June 1 and did not file for an extension under subsection (c) before June 1 complies with subsection (a) before July 16, the amount of the tax credit and exemption incentives for the preceding year that were otherwise available to the zone business because the business was a zone business are waived, unless the zone business pays to the corporation a penalty of:
6. (1) an amount not to exceed seven percent (7%), for the first instance of noncompliance; or

7. (2) fifteen percent (15%), for the second instance of noncompliance and each subsequent instance;

   of the amount of the tax credit and exemption incentives for the preceding year that were otherwise available to the zone business because the business was a zone business. A zone business that pays a penalty under this subsection for a year must pay the penalty to the corporation before July 16 of that year. The corporation shall deposit any penalty payments received under this subsection in the enterprise zone fund.

8. (e) This subsection is in addition to any other sanction imposed by subsection (d) or any other law. If a zone business fails to comply with subsection (a) before July 16 and does not pay any penalty required under subsection (d) before July 16 of that year, the zone business is:

   1. (1) denied all the tax credit and exemption incentives available to a zone business because the business was a zone business for that year; and

   2. (2) disqualified from further participation in the enterprise zone program under this chapter until the zone business:

      1. (A) petitions the board for readmission to the enterprise zone program under this chapter; and
      2. (B) pays a civil penalty of one hundred dollars ($100).
9. (f) This section expires December 31, 2018.

As added by P.L.4-2005, SEC.34. Amended by P.L.171-2015, SEC.42; P.L.145-2016, SEC.12; P.L.146-2018, SEC.7.