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IN SB0276
Bill
Status
1/4/2018
Primary Sponsor
Eric Bassler
Click for details
AI Summary
Senate Bill No. 276 Summary
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Creates a new tax increment financing (TIF) framework for allocation areas established after December 31, 2018, outside Marion County, allowing units and school corporations to elect whether to participate in TIF areas.
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Establishes that participating taxing units are bound by TIF terms until expiration, while non-participating units and school corporations are excluded from TIF obligations and allocations.
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Sets TIF area expiration dates at a maximum of 25 years after the first obligation is incurred for bonds or lease payments, with automatic extension of allocation deadlines in 5-year increments unless the General Assembly designates a final deadline.
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Modifies property tax allocation formulas to distribute incremental tax revenues among participating units based on their base assessed values, with excess revenues directed to redevelopment district allocation funds.
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Applies to allocation areas under new Section 39.8 of IC 36-7-14, affecting redevelopment commissions, military base reuse authorities, and development authorities statewide (effective January 1, 2019).
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, 2018, 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, 2018, 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 Tax and Fiscal Policy
1/4/2018