§ 6-3.6-6-9.5 — Capital improvement plan; revenue allocated for economic development; effect of not adopting a capital improvement plan; components of a plan

Indiana § 6-3.6-6-9.5

• Jurisdiction: Indiana
• Art. 3.6: LOCAL INCOME TAXES
• Ch. 6: Expenditure Rate

Text

Note: This version of section effective until 7-1-2027. See also
following version of this section, effective 7-1-2027.
Sec. 9.5. (a) The executive of a county, city, or town
may:
(1) adopt a capital improvement plan specifying the uses of the
additional revenue to be allocated for economic development
purposes; or
(2) designate the county or a city or town in the county as the
recipient of all or a part of its share of the additional revenue that
is distributed to it for economic development purposes.
(b) If a designation is made under subsection (a)(2), the county
treasurer shall transfer the share or part of the share to the designated
unit unless that unit does not have a capital improvement plan.
(c) A county, city, or town that fails to adopt a capital improvement
plan may not receive:
(1) its fractional amount of the additional revenue to be allocated
for economic development purposes; or
(2) any amount designated under subsection (a)(2);
for the year or years in which the unit does not have a plan. The county
treasurer shall retain the amounts not distributed for such a unit in a
separate account until the unit adopts a plan. Interest on the separate
account becomes part of the account. If a unit fails to adopt a plan for
a period of three (3) years, the balance in the separate account shall be
distributed to the other units in the county in the same manner that
other additional revenue allocated for economic development purposes
is distributed.
(d) A capital improvement plan must include the following
components:
(1) Identification and general description of each project that
would be funded by other additional revenue allocated for
economic development purposes.
(2) The estimated total cost of the project.
(3) Identification of all sources of funds expected to be used for
each project.
(4) The planning, development, and construction schedule of each
project.
(e) A capital improvement plan:
(1) must encompass a period of not less than two (2) years; and
(2) must incorporate projects the cost of which is at least
seventy-five percent (75%) of the fractional amount of additional
revenue allocated for economic development purposes that is
expected to be received by the county, city, or town in that period.
(f) In making a designation under subsection (a)(2), the executive
must specify the purpose and duration of the designation. If the
designation is made to provide for the payment of lease rentals or bond
payments, the executive may specify that the designation and its
duration are irrevocable.

Legislative History

As added by P.L.243-2015, SEC.10.