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IN HB1521
Bill
Status
1/20/2015
Primary Sponsor
Robert Heaton
Click for details
AI Summary
HB 1521 Summary
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Authorizes cities and towns to establish special taxing districts called community development areas for eligible facilities including municipally-owned properties, postsecondary educational institutions, convention centers, sporting venues, and hotels.
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Allows capture of state gross retail tax and use tax revenues generated by businesses operating within the designated community development area, with captured revenues deposited in a dedicated state fund.
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Requires captured tax revenues to be used exclusively for capital improvements within the community development area, with bond financing limited to 25-year terms including refinancing.
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Establishes a 30-year expiration date for all community development areas, measured from the date the establishing resolution is adopted.
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Requires budget agency approval of the community development area resolution before tax revenues may be allocated, with findings that the facility cost exceeds $10,000 and the capital improvement is economically sound and will benefit Indiana's tax bases and revenues.
Legislative Description
Community development area. Provides that a city or town may establish a special taxing district known as a community development area. Provides for the capture of sales taxes collected by taxpayers operating in a community development area. Provides that the tax revenue captured by a community development area must be used to pay for capital improvements in the community development area. Provides that a community development area expires 30 years after the community development area is established.
Last Action
Representative Morrison added as coauthor
1/22/2015