[r59] Additional Economic Development Tools for Locals (1/12/2011)

Wednesday, January 12, 2011

Start Date: 1/12/2011 All Day
End Date: 1/12/2011
STATEHOUSE - Rep. Milo Smith (R-Columbus) co-authored House Bill 1007 that provides additional economic development tools for local communities. The bill was handed down today during session and was crafted to increase local flexibility and efficiency in encouraging economic growth.

"This bill is needed because many local government officials cite personal property taxes as an impediment to investment. This causes businesses to wait longer or scale back investments," stated Rep. M. Smith.

In September, House Republicans introduced their "Strengthen Indiana Plan," which included the legislative plan to provide communities the tools they need to promote job creation.

The bill calls for: allowing individual counties the option to exempt personal property from the property tax, to exempt new investment in personal property, to reduce the age limit for the property tax deduction for rehabilitated property from 50 years to 25 years, to enhance abatement schedules, to remove sunset date on the ability of municipalities to exempt enterprise information technology, to allow municipalities to utilize a point system to enhance abatement schedules for both new and existing businesses, and to allow municipalities to pay hiring incentives for new employment.

"Our job is to create the right atmosphere and environment for creation of private sector jobs," said Speaker Bosma (R- Indianapolis).

"Our current budget constraints limit our ability to create new programs and provide additional dollars for economic development," said Rep. M. Smith. "The majority of incentives for business are provided on the local level, and we need to ensure our local governments have these vital tools to promote their communities' economic development measures."