Indiana 2025 Regular Session

Indiana Senate Bill SB0347 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	SENATE BILL No. 347
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 36-1-8-20.5; IC 36-7-32.5-14.5.
7	7	Synopsis: Indiana economic development corporation. Allows the
8	8	fiscal body of a county, city, or town to adopt an ordinance to require
9	9	the Indiana economic development corporation (corporation) to make
10	10	payments in lieu of taxes (PILOTS) with respect to real property that
11	11	satisfies each of the following conditions: (1) The corporation is the
12	12	owner of any real property that is exempt from property taxes. (2) The
13	13	corporation has been the owner of such real property for at least one
14	14	year on the date that an ordinance is adopted. Specifies that the
15	15	assessed value of the real property subject to PILOTS is equal to the
16	16	assessed value of the real property on the assessment date of the
17	17	calendar year in which the corporation purchased the real property
18	18	while the ordinance is in effect. Provides for the submission of an
19	19	annual report of the activities of an innovation development district as
20	20	to financial information pertaining to tax increment financing districts
21	21	in an innovation development district to the: (1) fiscal body of the
22	22	county, city, or town; and (2) department of local government finance.
23	23	Continuously appropriates from the state general fund the amount
24	24	necessary for the corporation to pay the required PILOTS.
25	25	Effective: July 1, 2025.
26	26	Buchanan
27	27	January 13, 2025, read first time and referred to Committee on Tax and Fiscal Policy.
28	28	2025 IN 347—LS 7281/DI 129 Introduced
29	29	First Regular Session of the 124th General Assembly (2025)
30	30	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
31	31	Constitution) is being amended, the text of the existing provision will appear in this style type,
32	32	additions will appear in this style type, and deletions will appear in this style type.
33	33	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
34	34	provision adopted), the text of the new provision will appear in this style type. Also, the
35	35	word NEW will appear in that style type in the introductory clause of each SECTION that adds
36	36	a new provision to the Indiana Code or the Indiana Constitution.
37	37	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
38	38	between statutes enacted by the 2024 Regular Session of the General Assembly.
39	39	SENATE BILL No. 347
40	40	A BILL FOR AN ACT to amend the Indiana Code concerning state
41	41	and local administration and to make an appropriation.
42	42	Be it enacted by the General Assembly of the State of Indiana:
43	43	1 SECTION 1. IC 36-1-8-20.5 IS ADDED TO THE INDIANA CODE
44	44	2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
45	45	3 1, 2025]: Sec. 20.5. (a) As used in this section, the following terms
46	46	4 have the meanings set forth in IC 6-1.1-1:
47	47	5 (1) Assessed value.
48	48	6 (2) Assessment date.
49	49	7 (3) Exemption.
50	50	8 (4) Owner.
51	51	9 (5) Person.
52	52	10 (6) Property taxation.
53	53	11 (b) As used in this section, "assessor" means a:
54	54	12 (1) county assessor; or
55	55	13 (2) township assessor (if any).
56	56	14 (c) As used in this section, "PILOTS" means payments in lieu of
57	57	15 taxes.
58	58	16 (d) The fiscal body of a county, city, or town may adopt an
59	59	17 ordinance to require the corporation to pay PILOTS at times set
60	60	2025 IN 347—LS 7281/DI 129 2
61	61	1 forth in the ordinance with respect to real property that meets each
62	62	2 of the following conditions:
63	63	3 (1) The corporation is the owner of any real property that is
64	64	4 exempt from property taxes.
65	65	5 (2) The corporation has been the owner of the real property
66	66	6 described in subdivision (1) for at least one (1) year on the
67	67	7 date that an ordinance is adopted under this section.
68	68	8 The ordinance remains in full force and effect until repealed or
69	69	9 modified by the fiscal body.
70	70	10 (e) The PILOTS must be calculated so that the PILOTS do not
71	71	11 exceed the amount of property taxes that would have been levied
72	72	12 by the fiscal body for the county, city, or town upon the real
73	73	13 property described in subsection (d) if the property were not
74	74	14 exempt from property taxation. The PILOTS shall be imposed as
75	75	15 are property taxes, and, subject to subsection (f), shall be based on
76	76	16 the assessed value of the real property described in subsection (d).
77	77	17 (f) The assessor shall assess the real property described in
78	78	18 subsection (d) as though the real property were not exempt.
79	79	19 However, the assessed value of the real property subject to
80	80	20 PILOTS is equal to the assessed value of the real property on the
81	81	21 assessment date of the calendar year in which the corporation
82	82	22 purchased the real property while the ordinance is in effect.
83	83	23 (g) PILOTS shall be deposited in the general fund of the county,
84	84	24 city, or town and used for any purpose for which the general fund
85	85	25 may be used.
86	86	26 (h) PILOTS shall be due as set forth in the ordinance and bear
87	87	27 interest, if unpaid, as in the case of other taxes on property.
88	88	28 PILOTS shall be treated in the same manner as property taxes for
89	89	29 purposes of all procedural and substantive provisions of law.
90	90	30 (i) There is continuously appropriated from the state general
91	91	31 fund the amount necessary for the corporation to pay the PILOTS
92	92	32 required by an ordinance adopted under this section.
93	93	33 SECTION 2. IC 36-7-32.5-14.5 IS ADDED TO THE INDIANA
94	94	34 CODE AS A NEW SECTION TO READ AS FOLLOWS
95	95	35 [EFFECTIVE JULY 1, 2025]: Sec. 14.5. (a) Not later than April 15
96	96	36 of each year, the corporation and the executive of a county, city, or
97	97	37 town in which an innovation development district is designated
98	98	38 under section 9 of this chapter shall submit a report setting out the
99	99	39 innovation development district's activities during the preceding
100	100	40 calendar year to the:
101	101	41 (1) fiscal body of the county, city, or town; and
102	102	42 (2) department of local government finance in an electronic
103	103	2025 IN 347—LS 7281/DI 129 3
104	104	1 format.
105	105	2 (b) The report required under subsection (a) must also include
106	106	3 the following information set forth for each tax increment
107	107	4 financing district regarding the previous year:
108	108	5 (1) Revenues received.
109	109	6 (2) Expenses paid.
110	110	7 (3) Fund balances.
111	111	8 (4) The amount and maturity date for all outstanding
112	112	9 obligations.
113	113	10 (5) The amount paid on outstanding obligations.
114	114	11 (6) A list of all the parcels and the depreciable personal
115	115	12 property of any designated taxpayer included in each tax
116	116	13 increment financing district allocation area and the base
117	117	14 assessed value and incremental assessed value for each parcel
118	118	15 and the depreciable personal property of any designated
119	119	16 taxpayer in the list.
120	120	17 (7) Amounts distributed to cities, towns, counties, or school
121	121	18 corporations as described in section 19(e) of this chapter.
122	122	2025 IN 347—LS 7281/DI 129