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IN SB0429
Bill
AI Summary
SB 429 Summary
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Arts and cultural districts certified by the Indiana Arts Commission must undergo annual review and be recertified every four years, with certification requiring a viable arts and economic development plan and demonstration of opportunity to attract arts and cultural activity.
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Cities, towns, or counties with certified districts may adopt ordinances to establish tax areas that capture incremental state and local income tax revenues to be transferred to the Indiana Arts Commission trust fund for district benefit.
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Aggregate state income taxes captured across all districts statewide in a fiscal year may not exceed $500,000.
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Local income tax supplemental distributions to units establishing tax areas are reduced by the amount of local income tax captured by their districts.
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The Indiana Arts Commission may revoke a unit's right to incremental tax distributions if the unit fails to comply with district agreements, grant guidelines, or recertification requirements.
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Effective July 1, 2017.
Legislative Description
Cultural district development. Provides that an arts and cultural district (district) certified by the Indiana arts commission (commission) is subject to annual review by the commission and must be recertified every four years. Specifies certain requirements for certification (or recertification) of a district. Permits a city, town, or county that has a certified district to establish a tax area within the district to capture incremental income tax to be transferred to the Indiana arts commission trust fund and used only for the benefit of the tax area. Provides that a city, town, or county that wishes to establish a tax
Last Action
First reading: referred to Committee on Ways and Means
3/7/2017