HB 1556 Summary

• Allows redevelopment commissions in counties other than Marion County to use funds, including property tax proceeds from tax increment finance (TIF) allocation areas, to pay environmental remediation costs for brownfields located within allocation areas.

• Permits redevelopment commissions in counties other than Marion County to adopt a resolution excluding increases in residential property net assessed value from the base assessed value of an allocation area.

• Requires that property taxes from residential property value increases covered by the resolution be used exclusively to pay brownfield environmental remediation costs within the allocation area.

• Takes effect July 1, 2013.