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Senate Bill 0496


Senate Bill 0496

ARCHIVE (2005)

Latest Information

 

DIGEST OF SB 496 (Updated April 29, 2005 10:27 pm - DI 58)


Economic development and taxation. Specifies requirements for the handling of money received under a development agreement. Requires operating agents and riverboat owners to annually report to the gaming commission the amounts of incentive payments made. Requires political subdivisions to report certain information concerning new bond issues and leases to the department of local government finance (DLGF) and to make annual reports to DLGF concerning outstanding bonds and leases. Requires DLGF to compile information from the reports in a data base and to post information from the reports on the Internet. Requires DLGF to prepare and post on the Internet an annual report on the each political subdivision's per capita spending. Requires, for a public library whose board is not comprised of a majority of elected members, operating budget and tax levy review by the fiscal body of the municipality, township, or county in which the library is located if the library proposes a levy increase of more than 5%. Prescribes a property tax assessment method for certain low income rental property. Extends until June 1, 2005, the time in which an ordinance may be adopted in a county to provide a property tax deduction for inventory and a homestead credit funded from county economic development income tax revenues to eliminate the effects of the inventory deduction on homesteads. Provides in an appeal of a property assessment that if the assessed value of the items appealed constitutes at least 1% of a taxing unit's total assessed value for the preceding year the county auditor must provide notice to the affected taxing unit and the affected taxing unit may participate in the hearing. Makes distribution, transportation, and logistical distribution equipment qualified for the Hoosier business investment tax credit (HBITC). Makes machinery, equipment, or special purpose buildings used to make motion pictures or audio productions qualified for the HBITC. Changes the amount of the HBITC from 30% of the qualified investment to a percentage set by the Indiana economic development corporation, which may not exceed 10%. Deletes the use of the taxpayer's state tax liability growth. Deletes the requirement that an applicant for the HBITC must have conducted business in Indiana for at least one year before the date of the application. Provides that the HBITC may be carried over for a period set by the Indiana economic development corporation, which may not exceed nine years. Provides that the part of the money received from certain property tax settlements may be used to provide property tax credits to taxpayers other than taxpayers that paid the settlement. Reduces the state income tax incremental amount that the state is required to pay to a community revitalization enhancement district (CRED) or certified technology park by the amount of the economic development for a growing economy tax credits granted to businesses in those areas. Defines gross retail incremental amount and income tax incremental amount in the certified technology park law . Provides reporting standards for a business in a CRED. Requires notice to be given to taxing units affected by the creation of a CRED or professional sports development area.
    Current Status:
     Law Enacted
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