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House Bill 1232


House Bill 1232

ARCHIVE (2012)

Latest Information

 

DIGEST OF INTRODUCED BILL


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 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.
Current Status:
 In Committee - first House
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