Introduced Version
SENATE BILL No. 439
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 36-7-14-39.
Synopsis: Tax increment financing. Provides that if a proposed
redevelopment project area is not taxable at the time the allocation area
is being established, any property taxes that would have been paid on
undeveloped land shall be included in the base assessed value for
purposes of determining property tax levy distributions to the
appropriate local units.
Effective: July 1, 2025.
Bohacek
January 13, 2025, read first time and referred to Committee on Tax and Fiscal Policy.
2025 IN 439—LS 7439/DI 134 Introduced
First Regular Session of the 124th General Assembly (2025)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2024 Regular Session of the General Assembly.
SENATE BILL No. 439
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:
1 SECTION 1. IC 36-7-14-39, AS AMENDED BY P.L.136-2024,
2 SECTION 54, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
3 JULY 1, 2025]: Sec. 39. (a) As used in this section:
4 "Allocation area" means that part of a redevelopment project area
5 to which an allocation provision of a declaratory resolution adopted
6 under section 15 of this chapter refers for purposes of distribution and
7 allocation of property taxes.
8 "Base assessed value" means, subject to subsection (j), the
9 following:
10 (1) If an allocation provision is adopted after June 30, 1995, in a
11 declaratory resolution or an amendment to a declaratory
12 resolution establishing an economic development area:
13 (A) the net assessed value of all the property as finally
14 determined for the assessment date immediately preceding the
15 effective date of the allocation provision of the declaratory
16 resolution, as adjusted under subsection (h); plus
17 (B) to the extent that it is not included in clause (A), the net
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1 assessed value of property that is assessed as residential
2 property under the rules of the department of local government
3 finance, within the allocation area, as finally determined for
4 the current assessment date.
5 (2) If an allocation provision is adopted after June 30, 1997, in a
6 declaratory resolution or an amendment to a declaratory
7 resolution establishing a redevelopment project area:
8 (A) the net assessed value of all the property as finally
9 determined for the assessment date immediately preceding the
10 effective date of the allocation provision of the declaratory
11 resolution, as adjusted under subsection (h); plus
12 (B) to the extent that it is not included in clause (A), the net
13 assessed value of property that is assessed as residential
14 property under the rules of the department of local government
15 finance, as finally determined for the current assessment date.
16 (3) If:
17 (A) an allocation provision adopted before June 30, 1995, in
18 a declaratory resolution or an amendment to a declaratory
19 resolution establishing a redevelopment project area expires
20 after June 30, 1997; and
21 (B) after June 30, 1997, a new allocation provision is included
22 in an amendment to the declaratory resolution;
23 the net assessed value of all the property as finally determined for
24 the assessment date immediately preceding the effective date of
25 the allocation provision adopted after June 30, 1997, as adjusted
26 under subsection (h).
27 (4) Except as provided in subdivision (5), for all other allocation
28 areas, the net assessed value of all the property as finally
29 determined for the assessment date immediately preceding the
30 effective date of the allocation provision of the declaratory
31 resolution, as adjusted under subsection (h).
32 (5) If an allocation area established in an economic development
33 area before July 1, 1995, is expanded after June 30, 1995, the
34 definition in subdivision (1) applies to the expanded part of the
35 area added after June 30, 1995.
36 (6) If an allocation area established in a redevelopment project
37 area before July 1, 1997, is expanded after June 30, 1997, the
38 definition in subdivision (2) applies to the expanded part of the
39 area added after June 30, 1997.
40 Except as provided in section 39.3 of this chapter, "property taxes"
41 means taxes imposed under IC 6-1.1 on real property. However, upon
42 approval by a resolution of the redevelopment commission adopted
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1 before June 1, 1987, "property taxes" also includes taxes imposed
2 under IC 6-1.1 on depreciable personal property. If a redevelopment
3 commission adopted before June 1, 1987, a resolution to include within
4 the definition of property taxes, taxes imposed under IC 6-1.1 on
5 depreciable personal property that has a useful life in excess of eight
6 (8) years, the commission may by resolution determine the percentage
7 of taxes imposed under IC 6-1.1 on all depreciable personal property
8 that will be included within the definition of property taxes. However,
9 the percentage included must not exceed twenty-five percent (25%) of
10 the taxes imposed under IC 6-1.1 on all depreciable personal property.
11 If a proposed redevelopment project area is not taxable at the time
12 the allocation area is being established, any property taxes that
13 would have been paid on undeveloped land shall be included in the
14 base assessed value for purposes of determining property tax levy
15 distributions to the appropriate local units.
16 (b) A declaratory resolution adopted under section 15 of this chapter
17 on or before the allocation deadline determined under subsection (i)
18 may include a provision with respect to the allocation and distribution
19 of property taxes for the purposes and in the manner provided in this
20 section. A declaratory resolution previously adopted may include an
21 allocation provision by the amendment of that declaratory resolution on
22 or before the allocation deadline determined under subsection (i) in
23 accordance with the procedures required for its original adoption. A
24 declaratory resolution or amendment that establishes an allocation
25 provision must include a specific finding of fact, supported by
26 evidence, that the adoption of the allocation provision will result in
27 new property taxes in the area that would not have been generated but
28 for the adoption of the allocation provision. For an allocation area
29 established before July 1, 1995, the expiration date of any allocation
30 provisions for the allocation area is June 30, 2025, or the last date of
31 any obligations that are outstanding on July 1, 2015, whichever is later.
32 A declaratory resolution or an amendment that establishes an allocation
33 provision after June 30, 1995, must specify an expiration date for the
34 allocation provision. For an allocation area established before July 1,
35 2008, the expiration date may not be more than thirty (30) years after
36 the date on which the allocation provision is established. For an
37 allocation area established after June 30, 2008, the expiration date may
38 not be more than twenty-five (25) years after the date on which the first
39 obligation was incurred to pay principal and interest on bonds or lease
40 rentals on leases payable from tax increment revenues. However, with
41 respect to bonds or other obligations that were issued before July 1,
42 2008, if any of the bonds or other obligations that were scheduled when
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1 issued to mature before the specified expiration date and that are
2 payable only from allocated tax proceeds with respect to the allocation
3 area remain outstanding as of the expiration date, the allocation
4 provision does not expire until all of the bonds or other obligations are
5 no longer outstanding. Notwithstanding any other law, in the case of an
6 allocation area that is established after June 30, 2019, and that is
7 located in a redevelopment project area described in section
8 25.1(c)(3)(C) of this chapter, an economic development area described
9 in section 25.1(c)(3)(C) of this chapter, or an urban renewal project
10 area described in section 25.1(c)(3)(C) of this chapter, the expiration
11 date of the allocation provision may not be more than thirty-five (35)
12 years after the date on which the allocation provision is established.
13 The allocation provision may apply to all or part of the redevelopment
14 project area. The allocation provision must require that any property
15 taxes subsequently levied by or for the benefit of any public body
16 entitled to a distribution of property taxes on taxable property in the
17 allocation area be allocated and distributed as follows:
18 (1) Except as otherwise provided in this section, the proceeds of
19 the taxes attributable to the lesser of:
20 (A) the assessed value of the property for the assessment date
21 with respect to which the allocation and distribution is made;
22 or
23 (B) the base assessed value;
24 shall be allocated to and, when collected, paid into the funds of
25 the respective taxing units.
26 (2) This subdivision applies to a fire protection territory
27 established after December 31, 2022. If a unit becomes a
28 participating unit of a fire protection territory that is established
29 after a declaratory resolution is adopted under section 15 of this
30 chapter, the excess of the proceeds of the property taxes
31 attributable to an increase in the property tax rate for the
32 participating unit of a fire protection territory:
33 (A) except as otherwise provided by this subdivision, shall be
34 determined as follows:
35 STEP ONE: Divide the unit's tax rate for fire protection for
36 the year before the establishment of the fire protection
37 territory by the participating unit's tax rate as part of the fire
38 protection territory.
39 STEP TWO: Subtract the STEP ONE amount from one (1).
40 STEP THREE: Multiply the STEP TWO amount by the
41 allocated property tax attributable to the participating unit of
42 the fire protection territory; and
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1 (B) to the extent not otherwise included in subdivisions (1)
2 and (3), the amount determined under STEP THREE of clause
3 (A) shall be allocated to and distributed in the form of an
4 allocated property tax revenue pass back to the participating
5 unit of the fire protection territory for the assessment date with
6 respect to which the allocation is made.
7 However, if the redevelopment commission determines that it is
8 unable to meet its debt service obligations with regards to the
9 allocation area without all or part of the allocated property tax
10 revenue pass back to the participating unit of a fire protection area
11 under this subdivision, then the allocated property tax revenue
12 pass back under this subdivision shall be reduced by the amount
13 necessary for the redevelopment commission to meet its debt
14 service obligations of the allocation area. The calculation under
15 this subdivision must be made by the redevelopment commission
16 in collaboration with the county auditor and the applicable fire
17 protection territory. Any calculation determined according to
18 clause (A) must be submitted to the department of local
19 government finance in the manner prescribed by the department
20 of local government finance. The department of local government
21 finance shall verify the accuracy of each calculation.
22 (3) The excess of the proceeds of the property taxes imposed for
23 the assessment date with respect to which the allocation and
24 distribution is made that are attributable to taxes imposed after
25 being approved by the voters in a referendum or local public
26 question conducted after April 30, 2010, not otherwise included
27 in subdivisions (1) and (2) shall be allocated to and, when
28 collected, paid into the funds of the taxing unit for which the
29 referendum or local public question was conducted.
30 (4) Except as otherwise provided in this section, property tax
31 proceeds in excess of those described in subdivisions (1), (2), and
32 (3) shall be allocated to the redevelopment district and, when
33 collected, paid into an allocation fund for that allocation area that
34 may be used by the redevelopment district only to do one (1) or
35 more of the following:
36 (A) Pay the principal of and interest on any obligations
37 payable solely from allocated tax proceeds which are incurred
38 by the redevelopment district for the purpose of financing or
39 refinancing the redevelopment of that allocation area.
40 (B) Establish, augment, or restore the debt service reserve for
41 bonds payable solely or in part from allocated tax proceeds in
42 that allocation area.
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1 (C) Pay the principal of and interest on bonds payable from
2 allocated tax proceeds in that allocation area and from the
3 special tax levied under section 27 of this chapter.
4 (D) Pay the principal of and interest on bonds issued by the
5 unit to pay for local public improvements that are physically
6 located in or physically connected to that allocation area.
7 (E) Pay premiums on the redemption before maturity of bonds
8 payable solely or in part from allocated tax proceeds in that
9 allocation area.
10 (F) Make payments on leases payable from allocated tax
11 proceeds in that allocation area under section 25.2 of this
12 chapter.
13 (G) Reimburse the unit for expenditures made by it for local
14 public improvements (which include buildings, parking
15 facilities, and other items described in section 25.1(a) of this
16 chapter) that are physically located in or physically connected
17 to that allocation area.
18 (H) Reimburse the unit for rentals paid by it for a building or
19 parking facility that is physically located in or physically
20 connected to that allocation area under any lease entered into
21 under IC 36-1-10.
22 (I) For property taxes first due and payable before January 1,
23 2009, pay all or a part of a property tax replacement credit to
24 taxpayers in an allocation area as determined by the
25 redevelopment commission. This credit equals the amount
26 determined under the following STEPS for each taxpayer in a
27 taxing district (as defined in IC 6-1.1-1-20) that contains all or
28 part of the allocation area:
29 STEP ONE: Determine that part of the sum of the amounts
30 under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2),
31 IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and
32 IC 6-1.1-21-2(g)(5) (before their repeal) that is attributable to
33 the taxing district.
34 STEP TWO: Divide:
35 (i) that part of each county's eligible property tax
36 replacement amount (as defined in IC 6-1.1-21-2 (before its
37 repeal)) for that year as determined under IC 6-1.1-21-4
38 (before its repeal) that is attributable to the taxing district;
39 by
40 (ii) the STEP ONE sum.
41 STEP THREE: Multiply:
42 (i) the STEP TWO quotient; times
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1 (ii) the total amount of the taxpayer's taxes (as defined in
2 IC 6-1.1-21-2 (before its repeal)) levied in the taxing district
3 that have been allocated during that year to an allocation
4 fund under this section.
5 If not all the taxpayers in an allocation area receive the credit
6 in full, each taxpayer in the allocation area is entitled to
7 receive the same proportion of the credit. A taxpayer may not
8 receive a credit under this section and a credit under section
9 39.5 of this chapter (before its repeal) in the same year.
10 (J) Pay expenses incurred by the redevelopment commission
11 for local public improvements that are in the allocation area or
12 serving the allocation area. Public improvements include
13 buildings, parking facilities, and other items described in
14 section 25.1(a) of this chapter.
15 (K) Reimburse public and private entities for expenses
16 incurred in training employees of industrial facilities that are
17 located:
18 (i) in the allocation area; and
19 (ii) on a parcel of real property that has been classified as
20 industrial property under the rules of the department of local
21 government finance.
22 However, the total amount of money spent for this purpose in
23 any year may not exceed the total amount of money in the
24 allocation fund that is attributable to property taxes paid by the
25 industrial facilities described in this clause. The
26 reimbursements under this clause must be made within three
27 (3) years after the date on which the investments that are the
28 basis for the increment financing are made.
29 (L) Pay the costs of carrying out an eligible efficiency project
30 (as defined in IC 36-9-41-1.5) within the unit that established
31 the redevelopment commission. However, property tax
32 proceeds may be used under this clause to pay the costs of
33 carrying out an eligible efficiency project only if those
34 property tax proceeds exceed the amount necessary to do the
35 following:
36 (i) Make, when due, any payments required under clauses
37 (A) through (K), including any payments of principal and
38 interest on bonds and other obligations payable under this
39 subdivision, any payments of premiums under this
40 subdivision on the redemption before maturity of bonds, and
41 any payments on leases payable under this subdivision.
42 (ii) Make any reimbursements required under this
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1 subdivision.
2 (iii) Pay any expenses required under this subdivision.
3 (iv) Establish, augment, or restore any debt service reserve
4 under this subdivision.
5 (M) Expend money and provide financial assistance as
6 authorized in section 12.2(a)(27) of this chapter.
7 (N) Expend revenues that are allocated for police and fire
8 services on both capital expenditures and operating expenses
9 as authorized in section 12.2(a)(28) of this chapter.
10 The allocation fund may not be used for operating expenses of the
11 commission.
12 (5) Except as provided in subsection (g), before June 15 of each
13 year, the commission shall do the following:
14 (A) Determine the amount, if any, by which the assessed value
15 of the taxable property in the allocation area for the most
16 recent assessment date minus the base assessed value, when
17 multiplied by the estimated tax rate of the allocation area, will
18 exceed the amount of assessed value needed to produce the
19 property taxes necessary to make, when due, principal and
20 interest payments on bonds described in subdivision (4), plus
21 the amount necessary for other purposes described in
22 subdivision (4).
23 (B) Provide a written notice to the county auditor, the fiscal
24 body of the county or municipality that established the
25 department of redevelopment, and the officers who are
26 authorized to fix budgets, tax rates, and tax levies under
27 IC 6-1.1-17-5 for each of the other taxing units that is wholly
28 or partly located within the allocation area. The county auditor,
29 upon receiving the notice, shall forward this notice (in an
30 electronic format) to the department of local government
31 finance not later than June 15 of each year. The notice must:
32 (i) state the amount, if any, of excess assessed value that the
33 commission has determined may be allocated to the
34 respective taxing units in the manner prescribed in
35 subdivision (1); or
36 (ii) state that the commission has determined that there is no
37 excess assessed value that may be allocated to the respective
38 taxing units in the manner prescribed in subdivision (1).
39 The county auditor shall allocate to the respective taxing units
40 the amount, if any, of excess assessed value determined by the
41 commission. The commission may not authorize an allocation
42 of assessed value to the respective taxing units under this
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1 subdivision if to do so would endanger the interests of the
2 holders of bonds described in subdivision (4) or lessors under
3 section 25.3 of this chapter.
4 (C) If:
5 (i) the amount of excess assessed value determined by the
6 commission is expected to generate more than two hundred
7 percent (200%) of the amount of allocated tax proceeds
8 necessary to make, when due, principal and interest
9 payments on bonds described in subdivision (4); plus
10 (ii) the amount necessary for other purposes described in
11 subdivision (4);
12 the commission shall submit to the legislative body of the unit
13 its determination of the excess assessed value that the
14 commission proposes to allocate to the respective taxing units
15 in the manner prescribed in subdivision (1). The legislative
16 body of the unit may approve the commission's determination
17 or modify the amount of the excess assessed value that will be
18 allocated to the respective taxing units in the manner
19 prescribed in subdivision (1).
20 (6) Notwithstanding subdivision (5), in the case of an allocation
21 area that is established after June 30, 2019, and that is located in
22 a redevelopment project area described in section 25.1(c)(3)(C)
23 of this chapter, an economic development area described in
24 section 25.1(c)(3)(C) of this chapter, or an urban renewal project
25 area described in section 25.1(c)(3)(C) of this chapter, for each
26 year the allocation provision is in effect, if the amount of excess
27 assessed value determined by the commission under subdivision
28 (5)(A) is expected to generate more than two hundred percent
29 (200%) of:
30 (A) the amount of allocated tax proceeds necessary to make,
31 when due, principal and interest payments on bonds described
32 in subdivision (4) for the project; plus
33 (B) the amount necessary for other purposes described in
34 subdivision (4) for the project;
35 the amount of the excess assessed value that generates more than
36 two hundred percent (200%) of the amounts described in clauses
37 (A) and (B) shall be allocated to the respective taxing units in the
38 manner prescribed by subdivision (1).
39 (c) For the purpose of allocating taxes levied by or for any taxing
40 unit or units, the assessed value of taxable property in a territory in the
41 allocation area that is annexed by any taxing unit after the effective
42 date of the allocation provision of the declaratory resolution is the
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1 lesser of:
2 (1) the assessed value of the property for the assessment date with
3 respect to which the allocation and distribution is made; or
4 (2) the base assessed value.
5 (d) Property tax proceeds allocable to the redevelopment district
6 under subsection (b)(4) may, subject to subsection (b)(5), be
7 irrevocably pledged by the redevelopment district for payment as set
8 forth in subsection (b)(4).
9 (e) Notwithstanding any other law, each assessor shall, upon
10 petition of the redevelopment commission, reassess the taxable
11 property situated upon or in, or added to, the allocation area, effective
12 on the next assessment date after the petition.
13 (f) Notwithstanding any other law, the assessed value of all taxable
14 property in the allocation area, for purposes of tax limitation, property
15 tax replacement, and formulation of the budget, tax rate, and tax levy
16 for each political subdivision in which the property is located is the
17 lesser of:
18 (1) the assessed value of the property as valued without regard to
19 this section; or
20 (2) the base assessed value.
21 (g) If any part of the allocation area is located in an enterprise zone
22 created under IC 5-28-15, the unit that designated the allocation area
23 shall create funds as specified in this subsection. A unit that has
24 obligations, bonds, or leases payable from allocated tax proceeds under
25 subsection (b)(4) shall establish an allocation fund for the purposes
26 specified in subsection (b)(4) and a special zone fund. Such a unit
27 shall, until the end of the enterprise zone phase out period, deposit each
28 year in the special zone fund any amount in the allocation fund derived
29 from property tax proceeds in excess of those described in subsection
30 (b)(1), (b)(2), and (b)(3) from property located in the enterprise zone
31 that exceeds the amount sufficient for the purposes specified in
32 subsection (b)(4) for the year. The amount sufficient for purposes
33 specified in subsection (b)(4) for the year shall be determined based on
34 the pro rata portion of such current property tax proceeds from the part
35 of the enterprise zone that is within the allocation area as compared to
36 all such current property tax proceeds derived from the allocation area.
37 A unit that has no obligations, bonds, or leases payable from allocated
38 tax proceeds under subsection (b)(4) shall establish a special zone fund
39 and deposit all the property tax proceeds in excess of those described
40 in subsection (b)(1), (b)(2), and (b)(3) in the fund derived from
41 property tax proceeds in excess of those described in subsection (b)(1),
42 (b)(2), and (b)(3) from property located in the enterprise zone. The unit
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1 that creates the special zone fund shall use the fund (based on the
2 recommendations of the urban enterprise association) for programs in
3 job training, job enrichment, and basic skill development that are
4 designed to benefit residents and employers in the enterprise zone or
5 other purposes specified in subsection (b)(4), except that where
6 reference is made in subsection (b)(4) to allocation area it shall refer
7 for purposes of payments from the special zone fund only to that part
8 of the allocation area that is also located in the enterprise zone. Those
9 programs shall reserve at least one-half (1/2) of their enrollment in any
10 session for residents of the enterprise zone.
11 (h) The state board of accounts and department of local government
12 finance shall make the rules and prescribe the forms and procedures
13 that they consider expedient for the implementation of this chapter.
14 After each reassessment in an area under a reassessment plan prepared
15 under IC 6-1.1-4-4.2, the department of local government finance shall
16 adjust the base assessed value one (1) time to neutralize any effect of
17 the reassessment of the real property in the area on the property tax
18 proceeds allocated to the redevelopment district under this section.
19 After each annual adjustment under IC 6-1.1-4-4.5, the department of
20 local government finance shall adjust the base assessed value one (1)
21 time to neutralize any effect of the annual adjustment on the property
22 tax proceeds allocated to the redevelopment district under this section.
23 However, the adjustments under this subsection:
24 (1) may not include the effect of phasing in assessed value due to
25 property tax abatements under IC 6-1.1-12.1;
26 (2) may not produce less property tax proceeds allocable to the
27 redevelopment district under subsection (b)(4) than would
28 otherwise have been received if the reassessment under the
29 reassessment plan or the annual adjustment had not occurred; and
30 (3) may decrease base assessed value only to the extent that
31 assessed values in the allocation area have been decreased due to
32 annual adjustments or the reassessment under the reassessment
33 plan.
34 Assessed value increases attributable to the application of an abatement
35 schedule under IC 6-1.1-12.1 may not be included in the base assessed
36 value of an allocation area. The department of local government
37 finance may prescribe procedures for county and township officials to
38 follow to assist the department in making the adjustments.
39 (i) The allocation deadline referred to in subsection (b) is
40 determined in the following manner:
41 (1) The initial allocation deadline is December 31, 2011.
42 (2) Subject to subdivision (3), the initial allocation deadline and
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1 subsequent allocation deadlines are automatically extended in
2 increments of five (5) years, so that allocation deadlines
3 subsequent to the initial allocation deadline fall on December 31,
4 2016, and December 31 of each fifth year thereafter.
5 (3) At least one (1) year before the date of an allocation deadline
6 determined under subdivision (2), the general assembly may enact
7 a law that:
8 (A) terminates the automatic extension of allocation deadlines
9 under subdivision (2); and
10 (B) specifically designates a particular date as the final
11 allocation deadline.
12 (j) If a redevelopment commission adopts a declaratory resolution
13 or an amendment to a declaratory resolution that contains an allocation
14 provision and the redevelopment commission makes either of the
15 filings required under section 17(e) of this chapter after the first
16 anniversary of the effective date of the allocation provision, the auditor
17 of the county in which the unit is located shall compute the base
18 assessed value for the allocation area using the assessment date
19 immediately preceding the later of:
20 (1) the date on which the documents are filed with the county
21 auditor; or
22 (2) the date on which the documents are filed with the department
23 of local government finance.
24 (k) For an allocation area established after June 30, 2025,
25 "residential property" refers to the assessed value of property that is
26 allocated to the one percent (1%) homestead land and improvement
27 categories in the county tax and billing software system, along with the
28 residential assessed value as defined for purposes of calculating the
29 rate for the local income tax property tax relief credit designated for
30 residential property under IC 6-3.6-5-6(d)(3).
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