IN SB0547

Establishes the Water Management Authority as a new state agency with a governor-appointed administrator to consolidate management of Indiana's water supply, drainage, and flood control functions

Transfers powers from the Natural Resources Commission and Department of Natural Resources to the new authority upon adoption of a statewide water management plan, which must be completed by July 1, 2015

Creates nine regional water management councils composed of drainage board and soil conservation board chairpersons from each county to participate in developing and implementing the statewide water management plan

Requires the administrator to issue water management permits for drainage projects classified as having "water management importance," flood control activities, water withdrawals, and activities affecting public freshwater lakes

Defines "wetlands" in drainage law and requires drainage boards to account for wetlands when determining benefits or damages to land, reducing benefit percentages for parcels with wetlands that provide natural drainage services