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IN HB1018
Bill
Status
1/6/2015
Primary Sponsor
Robert Cherry
Click for details
AI Summary
HB 1018 Summary
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Requires redevelopment commissions adopting or amending declaratory resolutions after June 30, 2015, that establish, renew, or expand allocation provisions to annually increase the base assessed value so that incremental assessed value equals 50% of what it would be without the increase.
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Applies the 50% incremental assessed value reduction to three sections of Indiana Code governing tax increment financing in different redevelopment contexts (IC 36-7-14-39, IC 36-7-15.1-26, and IC 36-7-15.1-53).
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Establishes June 30, 2026, as the expiration date for Marion County's Consolidated Allocation Area, or the last date of any outstanding obligations on July 1, 2016, whichever is later.
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Makes all adjustments after making other adjustments to the base assessed value to prevent double-counting.
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Declares an emergency for the act's effectiveness.
Legislative Description
Tax increment financing. Provides that if a redevelopment commission adopts a declaratory resolution or amendment after June 30, 2015, that establishes, renews, or expands an allocation provision or area, the base assessed value used to determine the amount of allocated tax proceeds for the redevelopment district must be increased each year so that the incremental assessed value is 50% of the incremental assessed value in the allocation area without the increase. Provides that for the allocation area in Marion County that is identified as the Consolidated Allocation Area, the expiration date for the allocation area is June 30, 2026, or
Last Action
Representative Pryor added as coauthor
2/3/2015