House Bill 1597
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DIGEST OF HB 1597 (Updated February 18, 2009 2:57 pm - DI 103)
Sales tax increment financing. Provides that a redevelopment commission outside 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 body acting as a redevelopment commission in Marion County may establish an 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 surplus proceeds or savings from bonds issued by a redevelopment commission to fund activities in an area may not be used to pay the principal or interest on other bonds issued by the redevelopment commission. Provides that the sales and use taxes in an 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 an area must terminate not later than 30 years after a sales tax increment is first distributed to the redevelopment commission that established the area.
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