IN SB0261 | 2023 | Regular Session

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 11 2023 - 25% progression, died in committee
Action: 2023-01-11 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Economic development districts. Creates a procedure to establish a community infrastructure improvement district (district). Specifies that the procedure added by the bill allowing for the establishment of a district does not authorize the unit to establish a district that overlaps with an economic improvement district. Requires a petition for the establishment of a district to include a rate and methodology report. Specifies the contents of the report. Specifies the basis upon which benefits accruing to parcels of real property within a district may be apportioned among those parcels. Requires a determination that the aggregate assessments within a district: (1) do not exceed 30% of the projected assessed value of property within the district; or (2) in the case of a district that is established for single family residences, do not exceed 10% of the projected assessed value per single family residence within the district; before a legislative body may adopt an ordinance to establish a district. Requires a community infrastructure improvement board (board) to assist the county treasurer in order to make certain specified determinations and designations regarding annual assessments within a district. Adds specific provisions that apply to the board's issuance of revenue bonds. Sunsets these provisions after five years.

Tracking Information

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Title

Economic development districts.

Sponsors


History

DateChamberAction
2023-01-11SenateFirst reading: referred to Committee on Tax and Fiscal Policy
2023-01-11SenateAuthored by Senators Buchanan and Baldwin

Subjects


Indiana State Sources


Bill Comments

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