HB 112 – New taxpayer-backed economic development zones

HB 112 sets up a new class of quasi-governmental entities called “science park districts” that can be created in major metro areas. These districts would have wide-ranging authority to issue revenue bonds, manage infrastructure projects, and partner with private companies, but without clear taxpayer safeguards or fiscal limits. Although framed as an economic development initiative, the bill creates a new layer of bureaucracy within the Office of the Governor and obligates taxpayers to fund its operations. It introduces long-term liabilities through bond issuance while shifting risk to the public without voter approval. Moreover, the bill opens the door to politically favored projects and corporate partnerships under vague criteria. This proposal is a classic example of mission creep—expanding state involvement in economic planning under the banner of “innovation.” Rather than focusing on broad-based reforms like tax cuts or regulatory relief, it grows government and subsidizes speculative ventures.