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House Bill 1077

House Bill 1077

ARCHIVE (2010)

Latest Information

DIGEST OF HB1077 (Updated January 12, 2010 5:13 pm - DI 84)

Sales tax increment finance. Authorizes an economic development project district (district) in Warrick County. Provides that the authority for Warrick County expires if the state board of finance (board) fails to approve a district before January 1, 2015. Requires a resolution establishing a district in Warrick County to be ratified by the county fiscal body and board of county commissioners Provides that if a district is approved by the board, the district must be approved by ordinance by the county fiscal body. Provides that a district designated for Warrick County expires if bonds are not issued before January 1, 2015, to finance a local public improvement project in the district. Increases the maximum term of bonds and leases for a district from 20 to 25 years. Specifies the permitted uses of the sales tax increment that may be captured within the Warrick County district. Exempts a district in Warrick County from a statute that: (1) requires tax increment financing to be maximized in a community before the board may approve a proposed district; and (2) prohibits certain property tax abatements in districts. Prohibits the deposit of state gross and retail use taxes in the sales tax increment financing fund with respect to a particular district after December 31 of the calendar year in which the board determines that no obligations to finance a local public improvement in the district remain outstanding.
Current Status:
In Committee - 2nd House
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