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IN SB0494
Bill
Status
1/14/2019
Primary Sponsor
Ronald Grooms
Click for details
AI Summary
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River Ridge Development Authority may establish a tax area within its boundaries to capture incremental state sales tax and income tax revenue above a base period amount
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Creates the River Ridge fire protection fund to receive the captured tax revenue, administered by the authority with funds that do not revert at year-end
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Fund may be used to finance fire stations, purchase firefighting equipment, employ firefighters, or contract with municipalities for fire protection services within a new fire protection district
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Annual cap of $1,200,000 on combined state income taxes and gross retail/use taxes that can be allocated to the fund
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Tax area and chapter expire July 1, 2029 (10 years after the July 1, 2019 effective date)
Legislative Description
Taxing area for fire protection services. Authorizes the River Ridge Development Authority (authority) to create a taxing area within the boundaries of the authority to capture incremental sales tax and income tax to be transferred to the River Ridge fire protection fund (fund). Establishes the fund. Provides that, if a taxing area is established, the revenue from the taxing area shall be deposited in the fund to be used to provide for, or contract with other municipalities to provide for, fire protection for the authority. Provides that the authority shall administer the fund. Caps the total amount of state income taxes and sales taxes annually captured in the tax area at $1,200,000. Expires the tax area after 10 years.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/14/2019