IN HB1070

Authorizes the town of Cloverdale to impose a 1% food and beverage tax on prepared food and drinks sold by retail merchants, with revenue dedicated to financing sanitary sewers, wastewater treatment, drainage, flood control, and water treatment facilities

Authorizes the town of Fishers to impose a food and beverage tax of up to 1% on prepared food and drinks, but requires adoption by December 31, 2013, and mandates a separate public hearing focused solely on the proposed tax before adoption

Fishers food and beverage tax revenue must be used either to reduce the town's property tax levy or for economic development purposes, including bonds and leases for economic development

Both taxes apply to food sold heated, combined ingredients, food with eating utensils provided, or food consumed at merchant-provided locations, but exempt transactions already exempt from state gross retail tax

Tax collection follows the same procedures as Indiana's state gross retail tax, with the state treasurer paying monthly distributions to each town's fiscal officer