Ind. Code ch. 5-28-40

in effect

Ind. Code § 5-28-40-1 "Eligible small business"

Sec. 1. As used in this chapter, "eligible small business" means a business entity that: (1) is authorized to transact business in Indiana; (2) maintains a majority of its business operations within Indiana; and (3) employs not more than one hundred fifty (150) persons. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-2 "Indiana institution of higher education"

Sec. 2. As used in this chapter, "Indiana institution of higher education" means a public or private college or university that: (1) is located in Indiana; (2) provides research services; and (3) is approved by the corporation for purposes of this chapter. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-3 "Other authorized research provider"

Sec. 3. As used in this chapter, "other authorized research provider" means a research organization, other than an Indiana institution of higher education, that: (1) is located in Indiana; (2) provides research services; and (3) is approved by the corporation for purposes of this chapter. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-4 "Research services"

Sec. 4. As used in this chapter, "research services" means research and development, technology exploration, technical development, product development, and commercialization intended to foster innovation in an eligible small business. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-5 "Voucher"

Sec. 5. As used in this chapter, "voucher" means a grant to an eligible small business to purchase research services from an Indiana institution of higher education or other authorized research provider. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-6 Small business innovation voucher program established

Sec. 6. (a) The small business innovation voucher program is established to provide vouchers to eligible small businesses to be used by an eligible small business to purchase research and development support or other forms of technical assistance and services from an Indiana institution of higher education or other authorized research provider. (b) The corporation shall administer the program. (c) The program is subject to appropriation from the general assembly. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-7 Voucher awards; uses

Sec. 7. (a) The corporation may award vouchers to an eligible small business under the small business innovation voucher program established in section 6 of this chapter. (b) To be awarded a voucher under this chapter, an eligible small business must file an application with the corporation and enter into an agreement as set forth under this chapter. (c) Vouchers may be used by an eligible small business only to purchase research services from an Indiana institution of higher education or other authorized research provider. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-8 Authorization to establish guidelines for the program; application process; criteria; amount of voucher award

Sec. 8. The corporation shall establish guidelines necessary to carry out the purposes of this chapter, including the following: (1) The application process for applying for a voucher. (2) The criteria to be used by the corporation to: (A) evaluate a voucher application from an eligible small business; and (B) determine the amount of a voucher award. As added by P.L.158-2019, SEC.3.

Ind. Code § 5-28-40-9 Requirement to enter into an agreement with the corporation as a condition of receiving a voucher

Sec. 9. The following apply if the corporation determines a voucher should be awarded under this chapter: (1) The corporation shall require the eligible small business to enter into an agreement with the corporation as a condition of receiving a voucher under this chapter. (2) The agreement with the corporation must: (A) prescribe the method of claiming the voucher; and (B) include provisions that authorize the corporation to work with the department of state revenue and the eligible small business, if the corporation determines that the eligible small business is noncompliant with the terms of the agreement or the provisions of this chapter, to bring the eligible small business into compliance or to protect the interests of the state. As added by P.L.158-2019, SEC.3.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026