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IN SB0346
Bill
Status
1/8/2015
Primary Sponsor
Elizabeth Brown
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AI Summary
Senate Bill No. 346 Summary
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Requires county and municipal executives to obtain approval by resolution or ordinance from the fiscal body before transferring money from the economic development income tax fund to other funds.
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Prohibits transfers of CEDIT funds if the transfer would impair the unit's ability to satisfy debts, liabilities, or obligations for which CEDIT revenues are pledged or encumbered.
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Requires fiscal body appropriation of CEDIT revenues as separate line items in the budget before expenditure for any purpose, whether listed in a capital improvement plan or not.
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Effective July 1, 2015, amending IC 6-3.5-7-12.7 and IC 6-3.5-7-15.
Legislative Description
Expenditure and transfer of CEDIT funds. Provides that the executive of a county or municipality may not transfer money that has been deposited in the county or municipal economic development income tax fund unless the transfer is approved by resolution or ordinance of the county or municipal fiscal body. Specifies that county economic development income tax (CEDIT) revenue may not be expended for a purpose listed in a capital improvement plan or for any other purpose unless the county or municipal fiscal body has appropriated the money for the specific expenditure or the specific capital improvement as a separate line
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/8/2015