Indiana 2024 Regular Session

Indiana House Bill HB1368

Introduced
1/10/24  

Caption

Riverfront economic development tax area.

Impact

The bill's passage is anticipated to promote urban revitalization along riverfronts by allowing tax increment financing (TIF) mechanisms. Local governments will be empowered to utilize revenue generated from a defined tax area to support capital improvements, pay off debts related to the development, and sustain public utilities and infrastructure enhancements. The establishment of such tax areas could be a significant boon for economic development, fostering new investments and jobs in the local economies.

Summary

House Bill 1368 introduces provisions for establishing riverfront economic development tax areas within cities and counties that are not consolidated municipalities in Indiana. This legislative initiative allows local governments to create designated tax regions that can harness incremental state income tax and sales tax revenue to fund economic development projects. The bill sets up a framework for designating eligible areas, which must support local infrastructure improvements and aim to attract and retain business enterprises within those areas.

Contention

Notably, the measure stipulates that a tax area can remain in effect for a maximum of 25 years, after which it will be automatically terminated if not renewed. This temporal limitation could pose a concern for long-term investors and stakeholders who might prefer a more extended framework for planning and resource allocation. Additionally, there may be debate around the implications of such tax areas on existing revenue structures and the potential competition among different municipalities to attract economic development funds.

Companion Bills

No companion bills found.

Previously Filed As

IN SB0434

Economic development in Lake County.

IN HB1545

Youth sports and tourism development areas.

IN HB1603

Kosciusko County development area.

IN SB0261

Economic development districts.

IN HB1332

Economic development fees.

IN SB0431

Economic development programs in Gary.

IN SB0326

Professional sports and convention development areas.

IN HB1157

Residential housing development program.

IN SB0417

Various tax matters.

IN SB0397

Innovation development districts.

Similar Bills

HI HB1457

Relating To Tax Increment Financing.

CT HB07361

An Act Concerning The Adoption Of Master Plans By Tax Increment Districts.

CT SB00677

An Act Establishing Tax Increment Financing Districts.

CA AB1806

Public contracts: information technology: Department of Technology: modular contracting.

CA AB2488

Downtown revitalization and economic recovery financing districts: City and County of San Francisco.

KS SB497

Establishing the Pike reservoir project district act to provide for a lake and related commercial and residential development in Bourbon county and authorizing a governing board and sales and property tax increment financing for such project.

IN HB1074

Youth sports and tourism development areas.

IN HB1545

Youth sports and tourism development areas.