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IN SB0512
Bill
Status
1/17/2017
Primary Sponsor
Eric Bassler
Click for details
AI Summary
Senate Bill 512 Summary
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Creates a new tax increment financing (TIF) framework for areas established after December 31, 2017, outside Marion County, allowing units and school corporations to voluntarily opt-in to participate rather than being automatically bound.
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Establishes that taxing units and school corporations may adopt a resolution to elect participation in a proposed TIF allocation area, with such election decision required before the public hearing date.
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Provides that only taxing units and school corporations that affirmatively elect to participate remain bound by TIF area terms until expiration; non-participating units are not subject to the allocation provisions.
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Sets the allocation deadline for new TIF areas at December 31, 2021, with automatic five-year extensions unless the general assembly enacts a law to terminate extensions and designate a final deadline.
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Makes technical amendments to tax increment financing provisions in existing law to reference the new Section 39.8 structure and align various code sections with the new opt-in participation model.
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, 2017, a unit (county, city, town, or township) or school corporation that is located wholly or partly within a proposed TIF area may elect whether to participate in the TIF area. Provides that after December 31, 2017, each taxing unit that is located wholly or partly in a TIF area is bound by the terms of the TIF area until the TIF area expires, except for those units and school corporations that do not elect
Last Action
First reading: referred to Committee on Local Government
1/17/2017