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Engrossed Senate Bill (S)

DIGEST

Residential tax increment financing. Permits a redevelopment commission to establish a program for residential housing development and a tax increment funding allocation area for that program. Defines "residential housing" as housing that consists of single family dwelling units. Requires the department of local government finance to prepare a report analyzing the expected impacts of a proposed program on the property tax revenues of each affected taxing unit and distribute the report to the redevelopment commission and the affected taxing units. Provides that a program may not take effect until the governing body of each school corporation affected by the program Residential tax increment financing. Permits a redevelopment commission to establish a program for residential housing development and a tax increment funding allocation area for that program. Defines "residential housing" as housing that consists of single family dwelling units. Requires the department of local government finance to prepare a report analyzing the expected impacts of a proposed program on the property tax revenues of each affected taxing unit and distribute the report to the redevelopment commission and the affected taxing units. Provides that a program may not take effect until the governing body of each school corporation affected by the program passes a resolution approving the program. ... View more