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House Bill 1195


House Bill 1195

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB 1195 (Updated April 29, 2001 8:02 PM - DI 75)


Local taxation. Authorizes Randolph County to impose an additional 0.25% county economic development income tax (CEDIT) rate for the purposes of financing, constructing, acquiring, renovating, and equipping the county courthouse and renovating the former county hospital for additional office space, educational facilities, nonsecure juvenile facilities, and other county functions. Provides that the additional rate may also be used for the repayment of bonds issued, or leases entered into, for those purposes. Provides that the county's CEDIT rate plus the county's county adjusted gross income tax (CAGIT) rate may not exceed 1.5% if the county has imposed the additional CEDIT rate authorized by this bill. Authorizes the county to adopt an ordinance that makes the CEDIT rate increase effective January 1, 2002. Provides that the property tax exemption for real property containing certain improvements that were constructed, rehabilitated, or acquired under the federal low income housing tax credit and for which the owner of the property has entered into an agreement to make payments in lieu of taxes applies in Dearborn County. (Under existing law, the exemption applies only in Marion County.) Allows South Bend, Fort Wayne, and Evansville to establish economic development project districts. Provides that the Fort Wayne and South Bend districts must contain a commercial retail facility with at least 500,000 square feet. Provides that the Evansville district may not contain territory outside the boundaries of a redevelopment area established within the central business district before 1985. Provides that sales tax increment financing may be used only for stated purposes. Provides that not more than 50% of the net increment each year may be used for these purposes. Provides that not more than a total of $1,000,000 of sales tax revenue increment may be captured during the existence of the district.
Current Status:
 Law Enacted
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