Introduced Senate Bill (S)

Authored by

DIGEST

Allocation of sales taxes for Main Street program. Permits certain municipalities with: (1) a population of not more than 40,000; and (2) an area that is designated as an Indiana main street; to establish a heritage commerce district to capture sales tax within the Indiana main street area (tax area) to be used for certain capital projects and infrastructure improvements. Provides that the total sales taxes captured in a tax area in a state fiscal year may not exceed $500,000. Provides that the sales taxes captured and distributed to all municipalities in a state fiscal year in the aggregate may Allocation of sales taxes for Main Street program. Permits certain municipalities with: (1) a population of not more than 40,000; and (2) an area that is designated as an Indiana main street; to establish a heritage commerce district to capture sales tax within the Indiana main street area (tax area) to be used for certain capital projects and infrastructure improvements. Provides that the total sales taxes captured in a tax area in a state fiscal year may not exceed $500,000. Provides that the sales taxes captured and distributed to all municipalities in a state fiscal year in the aggregate may not exceed $5,000,000. Establishes a heritage commerce district special account (account) within the state general fund for each municipality that has established a tax area. Provides that captured sales tax revenue allocated to an account may be distributed to the municipality after the end of each state fiscal year. Requires a municipality that wishes to receive a distribution from its account to provide proof of local matching funds equal to 100% of the municipality's annual distribution amount. Specifies sources from which a municipality may solicit and accept local matching funds for purposes of a distribution. Provides that the amount of money in a municipality's account on June 30 that is not distributed to the municipality after the end of that state fiscal year shall revert to the state general fund. Appropriates money in the account. ... View more