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IN SB0389
Bill
Status
1/12/2016
Primary Sponsor
Eric Bassler
Click for details
AI Summary
SB 389 Summary
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Allows taxing units outside Marion County to opt-in to tax increment financing (TIF) areas established after December 31, 2016, rather than being automatically included.
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Taxing units that elect to participate in a TIF area become bound by all terms of that TIF area until it expires.
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Creates a new section (IC 36-7-14-39.8) establishing the opt-in framework for TIF areas created after December 31, 2016, with a maximum 25-year duration.
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Requires redevelopment commissions to provide notice to affected taxing units at least 90 days before hearings on new allocation provisions, allowing time for participation decisions.
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Effective January 1, 2017, and applies only to allocation areas initially established after December 31, 2016.
Legislative Description
Tax increment financing districts. Provides that if a redevelopment commission outside Marion County wishes to establish a tax increment financing (TIF) area after December 31, 2016, a taxing unit that is located wholly or partly within a proposed TIF area may elect whether to participate in the TIF area. If a taxing unit elects to participate in a proposed TIF area, the taxing unit is bound by the terms of the TIF area until the TIF area expires.
Last Action
First reading: referred to Committee on Appropriations
1/12/2016