Indiana Senate Bill 51

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2024 - 25% progression
Action: 2024-01-09 - Withdrawn
Text: Latest bill text (Introduced) [PDF]

Commercial property assessed capital expenditure program. Authorizes counties, cities, and towns (local units) to adopt an ordinance for a commercial property assessed capital expenditure program (C-PACE program) and enter into an assessment contract with the owner or owners of commercial property to impose a voluntary C-PACE tax assessment and lien on an applicant's property as a means of assisting the applicant in obtaining financing of eligible clean energy improvements on the property. Defines an "eligible improvement". Requires the local unit to obtain written consent of each existing mortgage lienholder on the property stating that the lienholder does not object to the imposition of the C-PACE tax assessment. Requires certain provisions to be included in an assessment contract. Specifies the procedures for imposing the assessment, collection, enforcement, and the priority of any tax lien. Prohibits the local unit from issuing bonds secured by tax revenue from any special assessment and further specifies that a local unit shall have no financial obligation or liability for the payment of tax revenue from a special assessment, other than to transfer the proceeds to the financing provider for the improvements.

Commercial property assessed capital expenditure program.

Sen. Greg Walker [R]

Date	Chamber	Action
2024-01-09	Senate	Withdrawn
2024-01-08	Senate	First reading: referred to Committee on Insurance and Financial Institutions
2024-01-08	Senate	Authored by Senator Walker G

Type	Source
Summary	https://iga.in.gov/legislative/2024/bills/senate/51/details
Text	https://iga.in.gov/pdf-documents/123/2024/senate/bills/SB0051/SB0051.01.INTR.pdf
Supplement	https://iga.in.gov/pdf-documents/123/2024/senate/bills/SB0051/fiscal-notes/SB0051.01.INTR.FN001.pdf