SB 347

Bill Subjects

Agencies; Department Of Local Government Finance (Dlgf) Agencies; Economic Development Corporation (Iedc) Cities And Towns; Generally County Government State Government; Buildings, Facilities, And Properties State Government; State And Local Funding Taxes; Property Taxes

Abstract

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.