Bill Text: IN HB1280 | 2013 | Regular Session | Introduced
Bill Title: Economic development in Delaware County.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2013-01-14 - First reading: referred to Committee on Ways and Means [HB1280 Detail]
Download: Indiana-2013-HB1280-Introduced.html
Introduced Version
HOUSE BILL No. 1280
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 36-7-13-15.
Synopsis: Economic development in Delaware County. Eliminates the
aggregate limit of $2,000,000 per state fiscal year on distributions of
adjusted gross income tax revenue and sales tax revenue to community
revitalization enhancement districts located in Delaware County.
Effective: July 1, 2013.
Errington
January 14, 2013, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 118th General Assembly (2013)
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HOUSE BILL No. 1280
A BILL FOR AN ACT to amend the Indiana Code concerning local
government.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 36-7-13-15; (13)IN1280.1.1. -->
SECTION 1. IC 36-7-13-15, AS AMENDED BY P.L.172-2011,
SECTION 146, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2013]: Sec. 15. (a) If an advisory commission
on industrial development designates a district under this chapter or the
legislative body of a county or municipality adopts an ordinance
designating a district under section 10.5 of this chapter, the treasurer
of state shall establish an incremental tax financing fund for the
district. The fund shall be administered by the treasurer of state. Money
in the fund does not revert to the state general fund at the end of a state
fiscal year.
(b) Subject to subsection (c), the following amounts shall be deposited during each state fiscal year in the incremental tax financing fund established for the district under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that are remitted under IC 6-2.5 by businesses operating in the district, until the amount of state gross retail and use taxes deposited equals the gross retail incremental amount for the district.
(2) The aggregate amount of state and local income taxes paid by employees employed in the district with respect to wages earned for work in the district, until the amount of state and local income taxes deposited equals the income tax incremental amount.
(c)Except as provided in subsection (e), The aggregate amount of
revenues that is:
(1) attributable to:
(A) the state gross retail and use taxes established under IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1 through IC 6-3-7; and
(2) deposited during any state fiscal year in each incremental tax financing fund established for a district;
may not exceed one million dollars ($1,000,000) per district designated under section 10.5 or 12 of this chapter and seven hundred fifty thousand dollars ($750,000) per district for a district designated under section 10.1 or 12.1 of this chapter.
(d) On or before the twentieth day of each month, all amounts held in the incremental tax financing fund established for a district shall be distributed to the district's advisory commission on industrial development for deposit in the industrial development fund of the unit that requested designation of the district.
(e) The aggregate amount of revenues that is:
(1) attributable to:
(A) the state gross retail and use taxes established under
IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1
through IC 6-3-7; and
(2) deposited during any state fiscal year in the incremental tax
financing funds established for the districts located in Delaware
County;
may not exceed two million dollars ($2,000,000).
(b) Subject to subsection (c), the following amounts shall be deposited during each state fiscal year in the incremental tax financing fund established for the district under subsection (a):
(1) The aggregate amount of state gross retail and use taxes that are remitted under IC 6-2.5 by businesses operating in the district, until the amount of state gross retail and use taxes deposited equals the gross retail incremental amount for the district.
(2) The aggregate amount of state and local income taxes paid by employees employed in the district with respect to wages earned for work in the district, until the amount of state and local income taxes deposited equals the income tax incremental amount.
(c)
(1) attributable to:
(A) the state gross retail and use taxes established under IC 6-2.5; and
(B) the adjusted gross income tax established under IC 6-3-1 through IC 6-3-7; and
(2) deposited during any state fiscal year in each incremental tax financing fund established for a district;
may not exceed one million dollars ($1,000,000) per district designated under section 10.5 or 12 of this chapter and seven hundred fifty thousand dollars ($750,000) per district for a district designated under section 10.1 or 12.1 of this chapter.
(d) On or before the twentieth day of each month, all amounts held in the incremental tax financing fund established for a district shall be distributed to the district's advisory commission on industrial development for deposit in the industrial development fund of the unit that requested designation of the district.
