SB 318-1_ Filed 02/25/2002, 07:45 Harris
Adopted 2/25/2002

Text Box

    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______





    I move that Engrossed Senate Bill 318 be amended to read as follows:

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:
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.)


Representative Harris

MO031801/DI 44     2002