HB 1365 Summary

• Prohibits tax increment replacement revenues from being obtained by reducing base assessed values or, in Marion County, funding with personal property taxes

• Limits bond refinancing terms to the lesser of remaining time until allocation area expiration or 10 years, unless all affected taxing units approve via resolution

• Requires tax increment financing areas to cease when all bonds payable from tax increment revenues are paid in full

• Restricts new allocation areas after June 30, 2014 to prevent aggregate areas from exceeding 15% of geographic area or 15% of assessed value without approval from all affected taxing units

• Caps debt service reserves at bond indenture requirements plus 30% of annual debt service; limits bonds to one refinancing; requires department of local government finance to conduct annual statewide tax increment financing analysis