SB0347: A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration and to make an appropriation.

Page last updated: Sunday, April 20, 2025 at 7:50 PM (America/Indianapolis).

General Information

• Stage: Introduced Senate Bill (S)
• Current Chamber: senate
• Origin Chamber: senate
• Description: Indiana economic development corporation.

Legislators

Actions (2 total)

• Jan 13, 2025, 7:02 AM: First reading: referred to Committee on Tax and Fiscal Policy
• Jan 13, 2025, 7:02 AM: Authored by Senator Buchanan

Digest

Allows the fiscal body of a county, city, or town to adopt an ordinance to require the Indiana economic development corporation (corporation) to make payments in lieu of taxes (PILOTS) with respect to real property that satisfies each of the following conditions: (1) The corporation is the owner of any real property that is exempt from property taxes. (2) The corporation has been the owner of such real property for at least one year on the date that an ordinance is adopted. Specifies that the assessed value of the real property subject to PILOTS is equal to the assessed value of the real property on the assessment date of the calendar year in which the corporation purchased the real property while the ordinance is in effect. Provides for the submission of an annual report of the activities of an innovation development district as to financial information pertaining to tax increment financing districts in an innovation development district to the: (1) fiscal body of the county, city, or town; and (2) department of local government finance. Continuously appropriates from the state general fund the amount necessary for the corporation to pay the required PILOTS.