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IN HB1570
Bill
Status
1/20/2015
Primary Sponsor
Vernon Smith
Click for details
AI Summary
HB 1570 Summary
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Allows redevelopment commissions outside Marion County to use tax increment finance (TIF) proceeds to pay public safety expenses or transfer revenue to counties and municipalities for public safety costs.
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Requires the redevelopment commission to adopt a resolution determining that paying the expenses or transferring revenue will enhance redevelopment opportunities or economic development opportunities.
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Applies only to commissions established by counties or municipalities outside Marion County, with the determination made based on connection to economic development benefits.
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Effective July 1, 2015.
Legislative Description
Use of TIF proceeds for public safety. Provides that a redevelopment commission outside Marion County may use tax increment finance (TIF) proceeds to pay expenses related to public safety or to make transfers of revenue to assist a county or municipality in paying such expenses, if the redevelopment commission by resolution makes a determination that paying the expenses or transferring the revenue will enhance redevelopment opportunities or economic development opportunities.
Last Action
First Reading: referred to Committee on Ways and Means
1/20/2015