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House Bill 1556


House Bill 1556

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


Redevelopment commissions and brownfields. Provides that in a county other than Marion County, funds of a redevelopment commission, including property tax proceeds allocated from a tax increment finance (TIF) allocation area, may be used to pay the costs of environmental remediation of a brownfield located in an allocation area. Specifies that a redevelopment commission in a county other than Marion County may adopt a resolution: (1) providing that any increase in the net assessed value of residential property in an allocation area is not part of the base assessed value of the allocation area; and (2) requiring that any property taxes allocated to the redevelopment commission from such an increase in the net assessed value of residential property may be used only to pay the costs of environmental remediation of a brownfield within the allocation area.
Current Status:
 In Committee - first House
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