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IN SB0280
Bill
Status
2/2/2016
Primary Sponsor
Elizabeth Brown
Click for details
AI Summary
SB 280 Summary
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Allows redevelopment commissions outside Marion County to provide annual revenue to public transportation corporations from property tax proceeds allocated to tax increment financing areas, contingent on joint public hearings and substantially similar resolutions from three entities: the legislative body, redevelopment commission, and public transportation corporation governing body.
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Permits redevelopment commissions to provide revenue to school corporations for deposit in school transportation funds, limited to the amount of property tax revenue attributable to the school corporation's transportation fund tax rate, requiring approval and a joint public hearing by the unit and redevelopment commission.
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Amends IC 36-7-14-12.2 to add new powers (28) and (29) allowing redevelopment commissions to provide revenue to public transportation corporations and school corporations as specified in resolutions adopted under new sections 39.4 and 39.7.
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Creates new section IC 36-7-14-39.4 establishing the procedure for public transportation corporations to request and receive revenue from redevelopment commissions, including determination of annual amounts and deposit requirements.
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Takes effect July 1, 2016.
Legislative Description
Public transportation and school transportation funding. Permits a redevelopment commission outside Marion County to provide revenue on an annual basis to a public transportation corporation from property taxes allocated to the redevelopment commission in a tax increment financing allocation area. Specifies the amount of property taxes that may be transferred by the redevelopment commission to the public transportation corporation. Requires a joint public hearing of the legislative body of the unit that established the tax increment financing area, the redevelopment commission, and the governing body of the public transportation corporation and the adoption of substantially similar authorizing resolutions. Provides that
Last Action
First reading: referred to Committee on Ways and Means
2/9/2016