HB 1305 Summary

• Exempts certain leasehold interests in real property at ports of Indiana from property taxation when leased to political subdivisions or governmental entities after March 31, 2012, with unpaid taxes remaining the lessee's liability.

• Allows Ports of Indiana to issue revenue bonds at public or private sale, extends bond maturity from 35 to 40 years, and eliminates governor approval requirement for self-liquidating or nonrecourse project leases.

• Reduces property appraisal requirement from three appraisers to one independent appraiser and removes state board of accounts' annual audit requirement, replacing it with independent certified public accountant audits.

• Decreases the period for contract entry without competitive bidding from six months to 60 days and establishes that common construction wage rates are determined on the earliest date notice is published.

• Excludes Ports of Indiana from common construction wage requirements for self-liquidating or nonrecourse projects not located at a port.