Engrossed Senate Bill (H)

DIGEST

Cultural district development. Provides that an arts and cultural district (district) certified by the Indiana arts commission (commission) is subject to annual review by the commission and must be recertified every four years. Specifies certain requirements for certification (or recertification) of a district. Permits a city, town, or county that has a certified district to establish a tax area within the district to capture incremental income tax to be transferred to the Indiana arts commission trust fund and used only for the benefit of the tax area. Provides that a city, town, or county that wishes to establish a tax Cultural district development. Provides that an arts and cultural district (district) certified by the Indiana arts commission (commission) is subject to annual review by the commission and must be recertified every four years. Specifies certain requirements for certification (or recertification) of a district. Permits a city, town, or county that has a certified district to establish a tax area within the district to capture incremental income tax to be transferred to the Indiana arts commission trust fund and used only for the benefit of the tax area. Provides that a city, town, or county that wishes to establish a tax area must adopt an ordinance to do so. Provides that the state income taxes captured in all districts in a state fiscal year in the aggregate may not exceed $500,000. Reduces the local income tax supplemental distribution of a unit that establishes a tax area in a district by the amount of local income tax captured by the district. Authorizes the commission to revoke the city's, town's, or county's right to distributions of incremental tax revenue from a tax area under certain circumstances. ... View more