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House Bill 1470


House Bill 1470

ARCHIVE (2007)

Latest Information

 

DIGEST OF HB1470 (Updated February 26, 2007 5:56 pm - DI 84)


Sales tax increment financing. Provides that a redevelopment commission outside of Marion County may establish a sales tax increment financing area (area) to capture 25% of the sales and use taxes remitted by businesses that begin operating in the area after the area is established. Provides that the body acting as a redevelopment commission in Marion County may establish a sales tax increment financing area (area) to capture 50% of the sales and use taxes remitted by businesses that begin operating in the area after the area is established. Provides that the sales and use taxes captured in a sales tax increment financing area may be used to make beneficial improvements that would not otherwise be made as a result of regulatory processes or the ordinary operations of private enterprise. Provides that every occupant of an area established outside of Marion County must be a retail merchant. Provides that an area established outside of Marion County must terminate not later than 20 years after a sales tax increment is first distributed to the redevelopment commission that established the area. Provides that an area established in Marion County must terminate not later than 30 years after the resolution establishing the area is adopted.
Current Status:
 In Committee - 2nd House
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