HB 1618 Summary

• Establishes a state matching grant program for the northwest Indiana regional development authority to fund projects extending the Chicago, South Shore, and South Bend Railway.

• Requires the development authority to commit at least $9,400,000 in annual funding and political subdivisions to commit at least $3,200,000 in annual county economic development income tax revenue, with individual political subdivisions committing at least 20% of their annual county economic development income tax revenue.

• Requires grant recipients to demonstrate an annual return on investment within 20 years that is at least twice the annualized grant amount, measured by incremental state fiscal year increases to state sales and income taxes.

• Establishes the South Shore line transit oriented development fund administered by the development authority, with separate accounts for Porter County and Lake County that can only be used for transit projects within their respective counties.

• Grants must be approved by the budget agency after budget committee review, with annual progress reports required through 2045 to ensure commitment requirements are being met.