Introduced House Bill (H)

Authored by

Co-Authored by

DIGEST

South Shore sales tax increment district. Provides for a Chicago, South Shore, and South Bend Railway sales tax increment financing corridor that exists through 2045. Provides that 75% of the sales and use taxes collected within the corridor above the amount collected in 2014 is to be allocated to the northwest Indiana regional development authority. Provides that up to 67% of the allocation may be used for project financing and the remainder must be used to provide dollar for dollar matching grants for any eligible municipality or political subdivision that commits to participate in the Westlake corridor improvement project using South Shore sales tax increment district. Provides for a Chicago, South Shore, and South Bend Railway sales tax increment financing corridor that exists through 2045. Provides that 75% of the sales and use taxes collected within the corridor above the amount collected in 2014 is to be allocated to the northwest Indiana regional development authority. Provides that up to 67% of the allocation may be used for project financing and the remainder must be used to provide dollar for dollar matching grants for any eligible municipality or political subdivision that commits to participate in the Westlake corridor improvement project using local income tax revenue to match the grant. Requires the northwest Indiana regional development authority board to approve projects. Requires budget agency findings and approval of projects. Requires annual reports to the state. Requires the office of management and budget to do a review and report in 2030. ... View more