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IN SB0493
Bill
Status
1/14/2015
Primary Sponsor
Howard Kenley
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AI Summary
Senate Bill 493 Summary
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Applies to tax increment financing (TIF) allocation areas established or reestablished after June 30, 2015, allowing school corporations with territory in these areas to request annual property tax transfers from the redevelopment commission.
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School corporations may adopt a resolution before August 1 each year to receive a percentage (up to 100%) of property tax proceeds attributable to their transportation fund and school bus replacement fund rates in the following calendar year.
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Redevelopment commissions must transfer required property taxes within 10 days after the June and December semiannual settlements under IC 6-1.1-27, with transfers split between the two settlement periods.
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Funds received by school corporations must be deposited in their transportation and school bus replacement funds in the same proportion as the school corporation's tax rates for those two funds.
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Effective date: July 1, 2015.
Legislative Description
Redevelopment commission transfers. Provides that in the case of a tax increment financing allocation area established or reestablished after June 30, 2015, the governing body of a school corporation containing territory within the allocation area may, before August 1 of each year, adopt a resolution providing that property taxes must be transferred by the redevelopment commission to the school corporation in the following calendar year. Specifies that the amount of property taxes that must be transferred by the redevelopment commission to the school corporation in that year is equal to a percentage determined by the school corporation multiplied by the
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/14/2015