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DIGEST OF INTRODUCED BILL
Renaissance zones. Requires the enterprise zone board to designate areas within Indiana as renaissance zones. Provides relief from property taxes, the gross income tax, the adjusted gross income tax, the supplemental net income tax, the county adjusted gross income tax, the county option income tax, and the county economic development income tax to individuals residing in a renaissance zone and businesses located in a renaissance zone. Provides that real and personal property located in a renaissance zone may be assessed for payment of ad valorem property taxes committed to funding or paying bonded indebtedness or lease rentals in leases in which the original term is for at least five years.