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Introduced House Bill (H)

Authored by

DIGEST

Tax increment financing issues. Requires the department of local government finance (DLGF) to annually prepare a report for each taxing unit that includes a calculation of the following: (1) The total property tax levy from the assessed value in the taxing unit and the amount of loss due to the circuit breaker credits. (2) The total property tax proceeds from the assessed value that exceeds the base assessed value in all allocation areas established within the taxing unit. (3) The effect, if any, on the amount of the tax levy or proceeds and the credit for excessive property taxes under Tax increment financing issues. Requires the department of local government finance (DLGF) to annually prepare a report for each taxing unit that includes a calculation of the following: (1) The total property tax levy from the assessed value in the taxing unit and the amount of loss due to the circuit breaker credits. (2) The total property tax proceeds from the assessed value that exceeds the base assessed value in all allocation areas established within the taxing unit. (3) The effect, if any, on the amount of the tax levy or proceeds and the credit for excessive property taxes under IC 6-1.1-20.6 for the taxing unit and for the allocation areas if the allocation and distribution of tax proceeds in the allocation areas were: (A) eliminated; (B) reduced by 10%; (C) reduced by 20%; or (D) reduced by 30%. Requires the DLGF to: (1) post the report on the DLGF web site; and (2) file the report with the governor and the general assembly. Provides that the county council of a county in which a redevelopment authority is located may require redistribution to taxing units of up to 20% of the assessed value that is allocated to allocation areas if, when considering a reduction in the allocation in allocation areas from 10% to 20%, the amount of the reduction in losses due to the circuit breaker credits is exceeded by more than 50%. Provides, however, that the county council may not make a redistribution to taxing units if: (1) the redistribution would affect debt service; or (2) there is no loss that meets the criteria for a distribution that is to a unit other than the municipality in which the allocation area is located, or a special service district that is wholly located within the boundaries of the municipality that established the allocation area. Provides that allocated property tax proceeds may be expended for projects located outside a redevelopment district only if the commission adopts a declaratory resolution that finds that the expenditures: (1) will directly benefit the redevelopment district; and (2) will result in the creation of jobs in the private sector. Requires the legislative body of a unit and the redevelopment commission established by the unit to hold a joint public hearing before December 1 of each year for the purpose of reviewing the commission's proposed expenditures in the upcoming calendar year. ... View more