HB1576: A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Page last updated: Sunday, April 20, 2025 at 7:33 PM (America/Indianapolis).

General Information

• Stage: Introduced House Bill (H)
• Current Chamber: house
• Origin Chamber: house
• Description: Small town opportunity initiative.

Legislators

Actions (3 total)

• Jan 21, 2025, 11:31 AM: First reading: referred to Committee on Ways and Means
• Jan 21, 2025, 11:31 AM: Authored by Representative Goss-Reaves
• Jan 21, 2025, 11:31 AM: Coauthored by Representative Snow

Digest

Adds provisions concerning the awarding of redevelopment tax credits by the Indiana economic development corporation (IEDC) for projects located in counties, cities, and towns that meet specified population and project criteria. Provides for the minimum and maximum credit percentages for such a project. Specifies that a credit awarded to a taxpayer for such a project is not subject to repayment and prohibits the IEDC from including a repayment provision as part of an agreement entered into for the award of the credit. Provides that the aggregate limit of applicable tax credits that the IEDC may certify for a state fiscal year excludes the first $100,000,000 in redevelopment tax credits for projects in counties, cities, and towns meeting the criteria added by the bill. Allows a redevelopment commission (commission) in a county, city, or town for which a project meeting the criteria added by the bill has received a redevelopment tax credit to establish a program to enhance investments made for those projects in the form of a 60 year allocation area to accomplish the purposes of the program. Sets forth the procedures that a commission is required to take to establish such a program. Requires the commission to annually transfer at least 12% of the aggregate allocated tax proceeds from the allocation area to school corporations located within the allocation area.