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IN HB1244

Bill

Official Source

Status

Introduced

1/5/2026

Primary Sponsor

Randy Novak

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Requires 10% of excess property tax proceeds collected in tax increment financing (TIF) allocation areas to be distributed to school corporations, libraries, and public safety providers (police, fire, EMS) in the allocation area
  • Divides the 10% allocation equally into thirds: one-third to school corporations, one-third to libraries, and one-third to taxing units providing police, fire, emergency medical, or public safety services
  • Applies to both existing allocation areas established before July 1, 2026 and new allocation areas established after that date
  • Allows recipient entities to use allocated funds for operating or capital expenditures required to provide services in the allocation area
  • Effective date: July 1, 2026

Legislative Description

Tax increment financing.

Last Action

First reading: referred to Committee on Ways and Means

1/5/2026

Committee Referrals

Ways and Means1/5/2026

Full Bill Text

No bill text available