Introduced House Bill (H)

Authored by

DIGEST

Tax increment financing. Provides that tax increment replacement revenues may not be obtained by: (1) reducing the base assessed value of property in the tax increment area; or (2) in Marion County, funding the tax increment replacement with personal property tax revenues. Provides that if bonds are payable from tax increment financing revenues, the bonds may not be refinanced for a term that exceeds the lesser of: (1) the remaining time until the expiration of the tax increment financing area; or (2) 10 years; unless each taxing unit that is located in the tax increment financing area approves the extension Tax increment financing. Provides that tax increment replacement revenues may not be obtained by: (1) reducing the base assessed value of property in the tax increment area; or (2) in Marion County, funding the tax increment replacement with personal property tax revenues. Provides that if bonds are payable from tax increment financing revenues, the bonds may not be refinanced for a term that exceeds the lesser of: (1) the remaining time until the expiration of the tax increment financing area; or (2) 10 years; unless each taxing unit that is located in the tax increment financing area approves the extension by resolution. Provides that a tax increment financing area ceases after any bonds payable from tax increment revenues are paid in full. Provides that a redevelopment commission may not adopt a proposed resolution to establish or enlarge a tax increment financing area in such a manner that, if the resolution were adopted: (1) the aggregate area included in tax increment financing areas in the unit that established the redevelopment commission would exceed a percentage of the area of the unit; or (2) the aggregate base assessed value included in tax increment financing areas in the unit would exceed a percentage of the assessed value of property in the unit; unless each taxing unit that is located in the tax increment financing area approves the establishment or modification of the tax increment financing area by resolution. Provides that if a redevelopment commission establishes a debt service reserve for a bond payable from tax increment revenues, the amount of the debt service reserve may not exceed the amount required by the bond indenture plus a percentage of the annual amount of debt service required for the bond. Limits tax increment revenues to a percentage of the amount needed to pay annual debt service on tax increment bonds. Provides that a redevelopment commission may not refinance bonds payable from tax increment financing revenues more than once. Requires the department of local government finance's division of data analysis to perform an annual analysis of tax increment financing throughout Indiana. ... View more