Citations Affected: Noncode.
Synopsis: Property tax abatements. Provides that the city of South
Bend may grant a property tax abatement deduction to a taxpayer that
has fulfilled all expectations of the city concerning job creation or
retention, capital investment, and other requirements imposed by the
city, but is not eligible for the deduction because of a failure to comply
with a requirement of the abatement statutes.
Effective: January 1, 2001 (retroactive).
January 18, 2001, read first time and referred to Committee on Finance.
February 5, 2001, reported favorably _ Do Pass.
A BILL FOR AN ACT concerning taxation.
SECTION 1. [EFFECTIVE JANUARY 1, 2001 (RETROACTIVE)]
(a) As used in this SECTION, "city" means a city having a
population of more than ninety thousand (90,000) but less than one
hundred ten thousand (110,000).
(b) This SECTION applies to a property owner that:
(1) before January 1, 2001, received a notice from the city that offered to provide assessed value deductions to the property owner under IC 6-1.1-12.1 ;
(2) has fulfilled all expectations of the city concerning job creation or retention, capital investment, and other requirements imposed by the city; and
(3) is not eligible for the assessed value deductions described in the agreement because of the failure of the property owner or the city, or both, to comply with one (1) or more requirements of IC 6-1.1-12.1.
(c) Notwithstanding IC 6-1.1-12.1 , the city may grant the assessed value deductions described in subsection (b) if, before July 1, 2001, both the property owner and the city complete all the
procedures required by
that would have been
necessary to comply with
and for the city to grant the
deductions described in subsection (b).
(d) Assessed value deductions granted under this SECTION apply to property taxes first due and payable after December 31, 2001.
(e) This SECTION expires January 1, 2002.
SECTION 2. An emergency is declared for this act.