Introduced House Bill (H)

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DIGEST

Tax increment financing. Provides that if a redevelopment commission adopts a declaratory resolution or amendment after June 30, 2015, that establishes, renews, or expands an allocation provision or area, the base assessed value used to determine the amount of allocated tax proceeds for the redevelopment district must be increased each year so that the incremental assessed value is 50% of the incremental assessed value in the allocation area without the increase. Provides that for the allocation area in Marion County that is identified as the Consolidated Allocation Area, the expiration date for the allocation area is June 30, 2026, or Tax increment financing. Provides that if a redevelopment commission adopts a declaratory resolution or amendment after June 30, 2015, that establishes, renews, or expands an allocation provision or area, the base assessed value used to determine the amount of allocated tax proceeds for the redevelopment district must be increased each year so that the incremental assessed value is 50% of the incremental assessed value in the allocation area without the increase. Provides that for the allocation area in Marion County that is identified as the Consolidated Allocation Area, the expiration date for the allocation area is June 30, 2026, or the last date of any obligations that are outstanding on July 1, 2016, whichever is later. ... View more