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House Bill 1695

House Bill 1695

ARCHIVE (2005)

Latest Information

DIGEST OF HB 1695 (Updated February 28, 2005 11:12 pm - DI 113)

Retail development. Allows the Marion County city-county council to designate a special retail district if the district: (1) does not exceed 400 acres; (2) is established for the purpose of undertaking a project that involves a total capital commitment in excess of $125,000,000; (3) the total capital investment for the project will be in excess of $500,000,000; and (4) the project would not otherwise be accomplished through the ordinary operations of private investment. Provides that if a district is designated, an additional 1% sales tax applies to retail transactions within the district. Specifies that this additional 1% sales tax is imposed, paid, and collected in the same manner as the state sales tax. Requires the amounts received from the additional 1% sales tax to be paid monthly by the treasurer of the state to the county fiscal officer and deposited into a special fund. Allows money in the special fund to be used by the metropolitan development commission for any purpose that property tax increment could be used. Enlarges the class of political subdivisions in which a community revitalization enhancement district may be established to include all cities and towns.
Current Status:
Passed 2nd reading - first House
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