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Senate Bill 0232


Senate Bill 0232

ARCHIVE (2003)

Latest Information

 

DIGEST OF SB232 (Updated April 14, 2003 3:49 PM - DI 84)


Local government. Removes annexation provisions that apply only to a city in St. Joseph County. Removes a provision that allows a city in St. Joseph County four years to extend capital services. Makes annexation provisions that apply to other municipalities applicable to a city in St. Joseph County. Establishes a definition of "pass through entity" for purposes of the income tax credit for qualified investments in a community revitalization enhancement district (CRED district). Allows a first class or second class city to establish a CRED district in order to address certain obstacles to redevelopment. Permits a city that is authorized to establish a CRED district under current law to establish one additional district if the city also meets the criteria set forth in this bill. Provides that districts established under the bill are to receive 75% (instead of 100%) of the sales tax and income tax incremental amounts generated in the district. Specifies that the $1,000,000 per year cap on incremental revenues is per district (instead of per county). Limits the maximum amount of revenue that may be allocated to a community revitalization enhancement district (CRED) established after June 30, 2003. Increases the amount of money that must be available from other sources before certain types of CRED's can be established.
    Current Status:
     In Conference Committee
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