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IN SB0535
Bill
Status
1/17/2017
Primary Sponsor
Michael Delph
Click for details
AI Summary
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Allows Marion County community revitalization enhancement districts (CREDs) established before May 1, 2017, to use captured tax revenue and industrial revenue funds to improve real property for residential development.
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Expands the definition of "qualified investment" for CRED tax credits to include taxpayer expenditures on residential property in Marion County districts designated before May 1, 2017.
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Permits units to acquire, improve, and develop residential housing sites in Marion County CREDs, with authority extending up to five miles outside municipal boundaries.
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Restricts use of designated funds for residential purposes to those not pledged or obligated to pay bonds or leases entered into before May 1, 2017.
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Effective date: May 1, 2017, with an emergency clause declared for immediate implementation.
Legislative Description
Marion County CRED district. Provides that a community revitalization enhancement district (district) that is established in Marion County before May 1, 2017, may use captured tax revenue and funds from its industrial revenue fund to improve the value of real property in the district to be more suitable for residential development. Amends the definition of "qualified investment" for purposes of the community revitalization enhancement district tax credit to include a taxpayer's expenditures made on residential property in a district in Marion County established before May 1, 2017.
Last Action
Senator Taylor G added as second author
2/6/2017