Indiana House Bill 1365 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 15 2014 - 25% progression, died in committee
Action: 2014-01-15 - First Reading: Referred to Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]

Provides that tax increment replacement revenues may not be obtained by: (1) reducing the base assessed value of property in the tax increment area; or (2) in Marion County, funding the tax increment replacement with personal property tax revenues. Provides that if bonds are payable from tax increment financing revenues, the bonds may not be refinanced for a term that exceeds the lesser of: (1) the remaining time until the expiration of the tax increment financing area; or (2) 10 years; unless each taxing unit that is located in the tax increment financing area approves the extension by resolution. Provides that a tax increment financing area ceases after any bonds payable from tax increment revenues are paid in full. Provides that a redevelopment commission may not adopt a proposed resolution to establish or enlarge a tax increment financing area in such a manner that, if the resolution were adopted: (1) the aggregate area included in tax increment financing areas in the unit that established the redevelopment commission would exceed a percentage of the area of the unit; or (2) the aggregate base assessed value included in tax increment financing areas in the unit would exceed a percentage of the assessed value of property in the unit; unless each taxing unit that is located in the tax increment financing area approves the establishment or modification of the tax increment financing area by resolution. Provides that if a redevelopment commission establishes a debt service reserve for a bond payable from tax increment revenues, the amount of the debt service reserve may not exceed the amount required by the bond indenture plus a percentage of the annual amount of debt service required for the bond. Limits tax increment revenues to a percentage of the amount needed to pay

Tax increment financing.

Rep. Cherrish Pryor [D]

Date	Chamber	Action
2014-01-15	House	First Reading: Referred to Ways and Means
2014-01-14	House	Authored by Representative Pryor.

Type	Source
Summary	https://iga.in.gov/legislative/2014/bills/house/1365/details
Text	http://iga.in.gov/static-documents/c/6/b/5/c6b5ff4a/HB1365.01.INTR.pdf