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House Bill 1485


House Bill 1485

ARCHIVE (2007)

Latest Information

 

DIGEST OF INTRODUCED BILL


Tax increment financing. Provides that for purposes of the various tax increment financing (TIF) statutes, property taxes are not part of the tax increment captured by a particular TIF district if those property taxes are attributable to assessed valuation that: (1) was the subject of a tax abatement deduction on the effective date of the TIF allocation provision; and (2) is no longer the subject of the tax abatement deduction. Provides that a redevelopment commission must find that designating an area as a redevelopment area is in the best interest of the taxing units containing the area needing redevelopment and the taxing units containing territory within three miles of the area needing redevelopment, considered as a whole. Provides that after submitting a resolution and supporting data to the plan commission for approval, the redevelopment commission must also file a copy of the resolution and supporting data with certain taxing units. Provides that if: (1) the plan commission and the municipal legislative body or county executive approve a resolution of the redevelopment commission; and (2) the redevelopment commission takes final action approving the resolution; the redevelopment commission must file notice of the final action with the legislative bodies of certain taxing units. Requires each legislative body receiving the notice of the final action to: (1) adopt a resolution that either approves or objects to the final action of the redevelopment commission; and (2) file the resolution with the appropriate municipal legislative body or county executive. Provides that in addition to any objections that are filed by taxing units, the final action of a redevelopment commission may be appealed by the filing with the appropriate municipal legislative body
Current Status:
 In Committee - first House
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