SOURCE: Page 10, line 11; (02)MO031801.10. -->
Page 10, between lines 11 and 12, begin a new paragraph and insert:
SOURCE: IC 36-7-14-39.3; (02)MO031801.6. -->
"SECTION 6. IC 36-7-14-39.3 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2002]: Sec. 39.3. (a) As used in this
section, "depreciable personal property" refers to:
(1) all of the designated taxpayer's depreciable personal property
that is located in the allocation area; and
(2) all other depreciable property located and taxable on the
designated taxpayer's site of operations within the allocation area.
(b) As used in this section, "designated taxpayer" means any
taxpayer designated by the commission in a declaratory resolution
adopted or amended under section 15 or 17.5 of this chapter, and with
respect to which the commission finds that taxes to be derived from the
depreciable personal property in the allocation area, in excess of the
taxes attributable to the base assessed value of that personal property,
are needed
for one (1) or more of the following purposes:
(1) To pay debt service or to provide security for bonds issued
under section 25.1 of this chapter or to make payments or to
provide security on leases payable under section 25.2 of this
chapter in order to provide local public improvements for a
particular allocation area.
(2) To reimburse public and private entities for expenses
incurred in training employees of industrial facilities that are
located:
(A) in the allocation area; and
(B) on a parcel of real property that has been classified as
industrial property under the rules of the department of
local government finance.
However, the total amount of money spent under this
subdivision in any year may not exceed the total amount of
money in the allocation fund that is attributable to property
taxes paid by the industrial facilities described in this
subdivision. Reimbursements under this subdivision must be
made within three (3) years after the date on which the
investments that are the basis for the increment financing are
made.
However, a commission may not designate a taxpayer after June 30,
1992, unless the commission also finds that
(1) the taxpayer's property
in the allocation area will consist primarily of industrial,
manufacturing, warehousing, research and development, processing,
distribution, or transportation related projects, and
(2) the taxpayer's
property in the allocation area will not consist primarily of retail,
commercial, or residential projects.
(c) The allocation provision of a declaratory resolution may modify
the definition of "property taxes" under section 39(a) of this chapter to
include taxes imposed under IC 6-1.1 on the depreciable personal
property located and taxable on the site of operations of the designated
taxpayers in accordance with the procedures and limitations set forth
in this section and section 39 of this chapter. If such a modification is
included in the resolution, for purposes of section 39 of this chapter the
term "base assessed value" with respect to the depreciable personal
property means the net assessed value of all the depreciable personal
property as finally determined for the assessment date immediately
preceding:
(1) the effective date of the modification, for modifications
adopted before July 1, 1995; and
(2) the adoption date of the modification for modifications
adopted after June 30, 1995;
as adjusted under section 39(h) of this chapter.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 318 as printed February 22, 2002.)
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MO031801/DI 44 2002