summary
Introduced
01/13/2025
01/13/2025
In Committee
01/13/2025
01/13/2025
Crossed Over
Passed
Dead
04/24/2025
04/24/2025
Introduced Session
2025 Regular Session
Bill Summary
Indiana economic development corporation. 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.
AI Summary
This bill establishes new provisions for payments in lieu of taxes (PILOTS) by the Indiana Economic Development Corporation (IEDC) and reporting requirements for innovation development districts. The bill allows county, city, or town fiscal bodies to adopt an ordinance requiring the IEDC to make PILOTS for real property that is tax-exempt and has been owned by the corporation for at least one year. The PILOTS will be calculated based on the property's assessed value at the time of purchase and cannot exceed the property taxes that would have been levied if the property were not tax-exempt. The bill mandates that these payments be deposited in the local government's general fund and be treated like property taxes. Additionally, the bill requires the IEDC and local executives to submit an annual report by April 15th to the local fiscal body and the department of local government finance, detailing financial information about tax increment financing districts, including revenues, expenses, fund balances, outstanding obligations, and specific parcel information. The state will continuously appropriate funds from the general fund to enable the IEDC to make these required PILOTS payments. These provisions will take effect on July 1, 2025.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
First reading: referred to Committee on Tax and Fiscal Policy (on 01/13/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://iga.in.gov/legislative/2025/bills/senate/347/details |
| BillText | https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0347/SB0347.01.INTR.pdf |
| Fiscal Note #1: Introduced | https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0347/fiscal-notes/SB0347.01.INTR.FN001.pdf |
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