HB 1711 Changes the method in Boone County for disbursing funds among affected taxing districts in industrial development projects

     Handler: Gibbons

Current Bill Summary

- Prepared by Senate Research -

HCS/HB 1711 - Currently, if a municipality undertakes an industrial development project, which was approved after August 28, 2003, the lessee may reimburse the municipality for the actual costs of issuing the bond and administering the plan. Anything reimbursed in excess of the actual costs shall be disbursed to each school district, junior college district, county, or city in proportion to its current ad valorem tax levy.

This act specifies that for plans approved after May 15, 2005, in Boone County, reimbursements in excess of the actual costs shall be disbursed to each affected taxing entity in proportion to the current ad valorem tax levy of each affected taxing entity, not just the entities in current law. Currently, Franklin County is required to make such disbursements.

SUSAN HENDERSON MOORE

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