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[s46] Sen. Grooms’ Legislation to Extend TIF Districts in Clarksville, New Albany Passes Senate
Start Date: 2/26/2013Start Time: 12:00 AM
End Date: 2/26/2013End Time: 11:59 PM
Entry Description

STATEHOUSE (Feb. 26, 2013) — State Sen. Ron Grooms’ (R-Jeffersonville) bill to extend the life of two tax increment finance (TIF) districts in Southeast Indiana  passed the Senate today by a vote of 38-12.

In an effort to increase economic development, certain property-tax revenue in TIF districts is earmarked for redevelopment, infrastructure or other related projects in a town, city or county.

Senate Bill 360 would extend, by five years, a TIF district in Clarksville and another in New Albany, both of which encompass key regional economic-development areas, including the former Colgate Plant and the Purdue Research Park of Southeast Indiana. Under the bill, these TIF districts would not expire until 2038.

“Southeast Indiana has seen some impressive job creation and development in recent years, but there is still work to be done,” Grooms said. “Extending the two TIF districts in New Albany and Clarksville will help ensure current economic projects in these areas get carried out and give the cities more time for detailed planning in the future. It is important to note this bill would extend the operating life of these TIF districts, but would in no way raise property taxes for local residents or change existing tax structures.”

SB 360 now heads to the House of Representatives for further consideration. Its sponsors will be Reps. Steven Stemler (D-Jeffersonville) and Ed Clere (R-New Albany). 

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Contact Information:
Name: Molly Johnson
Phone: 317-234-9133
Email: mjohnson@iga.in.gov
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  • IN.gov Category:
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  • Agency Name
    Senate Republican Caucus

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