The Senate Committee on Rules and Legislative Procedure, to which was referred Senate Bill No. 69, has had the same under consideration and begs leave to report the same back to the Senate with the recommendation that said bill be AMENDED as follows:
Delete everything after the enacting clause and insert the
SECTION 1. IC 36-7-31.5 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2012]:
Chapter 31.5. Professional Motorsports Development Area
Sec. 1. This chapter applies only to the town of Speedway.
Sec. 2. As used in this chapter, "budget agency" means the budget agency established by IC 4-12-1.
Sec. 3. As used in this chapter, "budget committee" has the meaning set forth in IC 4-12-1-3.
Sec. 4. As used in this chapter, "covered taxes" means the part of the following taxes attributable to the operation of facilities located in a tax area designated under this chapter:
(1) The state gross retail tax imposed under IC 6-2.5-2-1 or use tax imposed under IC 6-2.5-3-2.
(2) An adjusted gross income tax imposed under IC 6-3-2-1 on an individual.
(3) A county option income tax imposed under IC 6-3.5.
(4) An admissions tax imposed under IC 6-9.
Sec. 5. As used in this chapter, "department" refers to the department of state revenue.
Sec. 6. As used in this chapter, "designating body" means the town legislative body that may establish a tax area under this chapter.
Sec. 7. As used in this chapter, "tax area" means a geographic area established as a professional motorsports development area under this chapter.
Sec. 8. As used in this chapter, "taxpayer" means a person that is liable for a covered tax.
Sec. 9. (a) A designating body may designate as part of a professional motorsports development area any area in the town in which there is located or is to be located a facility used for professional motorsports racing events. The area may also include parts of the town that will serve as a commercial gateway to such a facility.
(b) A tax area must include at least one (1) facility described in subsection (a).
Sec. 10. (a) A tax area must be initially established by resolution of the town legislative body following a public hearing. Notice of the public hearing must be provided in accordance with IC 5-3-1.
(b) In establishing the tax area, the designating body must make the following findings:
(1) There are capital improvements that will be undertaken or have been undertaken in the tax area that:
(A) will have a positive synergistic effect on the activities of a facility described in section 9(a) of this chapter; or
(B) will promote or enhance the development of a commercial gateway to a facility described in section 9(a) of this chapter.
(2) The capital improvements that will be undertaken or that have been undertaken in the tax area will benefit the public health and welfare and will be of public utility and benefit.
(3) The capital improvements that will be undertaken or that have been undertaken in the tax area will protect or increase state and local tax bases and tax revenues.
(c) The tax area established under this chapter is a special taxing district authorized by the general assembly to
enable the designating body to provide special benefits to
taxpayers in the tax area by promoting economic
development that is of public use and benefit.
(d) A tax area may be expanded by following the same procedures described in subsections (a) and (b).
Sec. 11. (a) A resolution establishing or expanding a tax area must provide for the allocation of covered taxes attributable to a taxable event or covered taxes earned in the tax area to the professional motorsports development area fund established for the town. The allocation provision must apply to the entire tax area. The resolution must state an expiration date for the tax area, which must be not later than thirty (30) years from the date of the adoption of the resolution.
(b) The department may adopt rules under IC 4-22-2 and guidelines to govern the allocation of covered taxes to a tax area.
Sec. 12. (a) Upon adoption of a resolution establishing or expanding a tax area under this chapter, the designating body shall submit the resolution to the budget committee for review and recommendation to the budget agency.
(b) The budget committee shall meet not later than sixty (60) days after receipt of a resolution under subsection (a) and shall make a recommendation on the resolution to the budget agency.
Sec. 13. (a) The budget agency must approve the resolution adopted under section 12(a) of this chapter before covered taxes may be allocated under section 11 of this chapter.
(b) When considering a resolution, the budget committee and the budget agency must make the following findings:
(1) The facility specified under the resolution hosts or will host at least one (1) major motorsports racing event each year that will attract at least one hundred thousand (100,000) paid spectators to the event.
(2) The capital improvements specified under the resolution are economically sound and will benefit the people of Indiana by protecting or increasing state and local tax bases and tax revenues for at least the duration of the tax area established under this chapter.
(3) The political subdivisions affected by the capital improvements specified under the resolution have
committed significant resources toward completion of
(c) In approving the resolution, the budget agency may:
(1) determine and impose a base amount for each of the covered taxes that will not be allocated to the professional motorsports development area fund; and
(2) determine and impose a maximum amount of covered taxes described in section 4(1) and 4(2) of this chapter that may be captured from the professional motorsports development area and allocated to the professional motorsports development area fund.
(d) Revenues from the tax area may not be allocated until the budget agency approves the resolution adopted under section 12(a) of this chapter.
Sec. 14. When the designating body adopts an allocation provision, the county auditor shall notify the department by certified mail of the adoption of the provision and shall include with the notification a complete list of the following:
(1) Employers in the tax area.
(2) Street names and the range of street numbers of each street in the tax area.
The county auditor shall update the list before July 1 of each year.
Sec. 15. If a tax area is established under this chapter, a state fund known as the professional motorsports development area fund is established for that tax area. The fund shall be administered by the department. Money in the fund does not revert to the state general fund at the end of a state fiscal year.
Sec. 16. Subject to section 13(c)(1) of this chapter, covered taxes attributable to a taxing area under section 11 of this chapter shall be deposited in the professional motorsports development area fund.
Sec. 17. On or before the twentieth day of each month, all amounts held in the professional motorsports development area fund shall be distributed to the town clerk-treasurer.
Sec. 18. The department shall notify the town clerk-treasurer of the amount of taxes to be distributed to the town clerk-treasurer. The town legislative body, by notice to the department, may decline the receipt of all or any part of the covered taxes, if that action will not impair the ability to pay outstanding obligations payable from those covered taxes. The notice by the town legislative body
must specify which covered taxes are being declined and the
amount that the town has elected not to receive. The
department shall distribute the covered taxes declined by
the town proportionately to the funds and the political
subdivisions that would have received the covered taxes if
the covered taxes had not been allocated to a tax area under
Sec. 19. All distributions from the professional motorsports development area fund for the town shall be made by warrants issued by the auditor of state to the treasurer of state ordering those payments to the town clerk-treasurer.
Sec. 20. The resolution establishing the tax area under section 12(a) of this chapter must designate the use of the funds. The funds are to be used, as directed by the town redevelopment commission, only for the following:
(1) Capital improvements that are located in or directly serve and benefit the tax area.
(2) Financing or refinancing capital improvements described in subdivision (1) or the payment of bonds or leases for capital improvements described in subdivision (1).
(3) Providing financial assistance, in the manner that best serves the purposes of this chapter, including grants and loans, to enable private enterprise to improve, develop, or redevelop property in or directly serving or benefiting the tax area or otherwise providing social and economic benefit to the town.
Sec. 21. The designating body shall repay to the professional motorsports development area fund any amount that is distributed to the designating body and used for a purpose that is not described in this chapter. The department shall distribute the covered taxes repaid to the professional motorsports development area fund under this section proportionately to the funds and the political subdivisions that would have received the covered taxes if the covered taxes had not been allocated to the tax area under this chapter.
Sec. 22. The general assembly finds that the town of Speedway is subject to special circumstances that justify special legislation allowing the town of Speedway to establish a tax area under this chapter.
(Reference is to SB 69 as introduced.)
and when so amended that said bill be reassigned to the Senate Committee on Appropriations.