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IN SB0342
Bill
Status
Introduced
1/9/2017
Primary Sponsor
Mike Bohacek
Click for details
AI Summary
- Amends Indiana Code sections governing tax increment financing (TIF) to establish new rules for allocation areas created or reestablished after June 30, 2017
- School corporation property taxes must be distributed directly to the school corporation rather than to the redevelopment commission for any TIF area established or reestablished after June 30, 2017
- Distribution consists of property taxes collected on property within both the allocation area and the school corporation's territory
- County auditor must make school corporation distributions at the same time and in the same manner as other property tax distributions
- Changes apply to redevelopment areas in municipalities, consolidated cities, and excluded cities
- Effective date: January 1, 2018
Legislative Description
Tax increment financing. Provides that in the case of a tax increment financing allocation area established or reestablished after June 30, 2017, the property taxes for a year that are attributable to a property tax rate of a school corporation for any of its funds must be distributed to the school corporation and not to the redevelopment commission.
Last Action
First reading: referred to Committee on Appropriations
1/9/2017
Committee Referrals
Appropriations1/9/2017
Full Bill Text
No bill text available