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IN SB0356
Bill
Status
1/10/2017
Primary Sponsor
Mark Messmer
Click for details
AI Summary
SB 356 Summary
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Allows municipalities with populations not exceeding 40,000 and designated Indiana Main Street areas to establish heritage commerce districts that capture sales tax revenue for capital projects and infrastructure improvements.
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Limits sales tax capture to $500,000 per municipality per state fiscal year, with an aggregate statewide cap of $5,000,000 per fiscal year.
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Requires municipalities seeking distributions to provide local matching funds equal to 100% of their eligible distribution amount from foundations, nonprofits, individuals, for-profit entities, redevelopment commissions, or urban enterprise associations.
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Establishes heritage commerce district special accounts within the state general fund, with captured tax revenue distributed after fiscal year end and undistributed amounts reverting to the state general fund on June 30.
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Allows fund use for grants to local Main Street organizations and capital investments including property rehabilitation, public infrastructure improvements, and projects enhancing business competitiveness and quality of life in the tax area.
Legislative Description
Allocation of sales taxes for Main Street program. Permits certain municipalities with: (1) a population of not more than 40,000; and (2) an area that is designated as an Indiana main street; to establish a heritage commerce district to capture sales tax within the Indiana main street area (tax area) to be used for certain capital projects and infrastructure improvements. Provides that the total sales taxes captured in a tax area in a state fiscal year may not exceed $500,000. Provides that the sales taxes captured and distributed to all municipalities in a state fiscal year in the aggregate may
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/10/2017