IN HB1507

Authorizes the City of Portage to impose a payment in lieu of taxes (PILOT) on the Port of Indiana-Burns Harbor and other exempt property owners located at the Port.

Establishes the maximum PILOT amount as the property taxes that would be owed if the property were not exempt from property taxation.

Requires the county assessor to assess exempt tangible property at the Port and allows the Port to pay PILOT from any legally available revenue source, treating payments as operating expenses.

Directs PILOT revenue to the City's general fund for any general fund purpose.

Makes the law effective July 1, 2013, with the first semiannual PILOT payment due no earlier than June 30, 2014.