Citations Affected: IC 6-3.5-7-13.1 .
Synopsis: Economic development income tax expenditures. Redefines
"economic development project" for purposes of permissible
expenditures of revenues received from a county economic
development income tax (CEDIT). Eliminates the requirement that an
economic development project must involve expenditures for various
capital expenses, administrative expenses, operating expenses, or
substance removal. Provides that an economic development project
may involve expenditures for any expenses incurred to: (1) promote
significant opportunities for the gainful employment of a unit's citizens;
(2) attract a major new business enterprise to a unit; or (3) retain or
expand a significant business enterprise within a unit.
Effective: January 1, 2001 (retroactive).
January 11, 2001, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning
are to be used to finance an economic development project, for
the retirement of bonds under section 14 of this chapter for
economic development projects, for leases under section 21 of
this chapter, or for leases or bonds entered into or issued prior to
the date the economic development income tax was imposed if
the purpose of the lease or bonds would have qualified as a
purpose under this chapter at the time the lease was entered into
or the bonds were issued.
(2) By a county, city, or town for:
(A) the construction or acquisition of, or remedial action with respect to, a capital project for which the unit is empowered to issue general obligation bonds or establish a fund under any statute listed in IC 6-1.1-18.5-9.8 ;
(B) the retirement of bonds issued under any provision of Indiana law for a capital project;
(C) the payment of lease rentals under any statute for a capital project;
(D) contract payments to a nonprofit corporation whose primary corporate purpose is to assist government in planning and implementing economic development projects;
(E) operating expenses of a governmental entity that plans or implements economic development projects;
(F) to the extent not otherwise allowed under this chapter, funding substance removal or remedial action in a designated unit; or
(G) funding of a revolving fund established under IC 5-1-14-14.
(c) As used in this section, an economic development project is any project that
(1) the county, city, or town determines will:
(A) (1) promote significant opportunities for the gainful
employment of its citizens;
(B) (2) attract a major new business enterprise to the unit; or
(C) (3) retain or expand a significant business enterprise within
the unit. and
(2) involves (d) An economic development project may involve
an expenditure for:
(A) (1) the acquisition of land;
(B) (2) interests in land;
(C) (3) site improvements;
(D) (4) infrastructure improvements;
(E) (5) buildings;