Indiana Code 36-7-26-25. Maximization of use of tax increment financing by city; property tax abatements
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Terms Used In Indiana Code 36-7-26-25
- board: refers to the state board of finance created in Indiana Code 36-7-26-5
- district: refers to an economic development project district established under this chapter. See Indiana Code 36-7-26-8
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 25. The board may not approve a resolution under section 16 of this chapter until the board has satisfied itself that the city in which the proposed district will be established has maximized the use of tax increment financing under IC 36-7-14 or IC 36-7-14.5 to finance public improvements within or serving the proposed district. The city may not grant property tax abatements to the taxpayers within the proposed district or a district, except that the board may approve a resolution under section 16 of this chapter in the proposed district or a district in which real property tax abatement not to exceed three (3) years has been granted.
As added by P.L.35-1990, SEC.63. Amended by P.L.146-2008, SEC.769.