Senate Bill 494
Introduced Senate Bill (S)
DIGEST
Taxing area for fire protection services. Authorizes the River Ridge Development Authority (authority) to create a taxing area within the boundaries of the authority to capture incremental sales tax and income tax to be transferred to the River Ridge fire protection fund (fund). Establishes the fund. Provides that, if a taxing area is established, the revenue from the taxing area shall be deposited in the fund to be used to provide for, or contract with other municipalities to provide for, fire protection for the authority. Provides that the authority shall administer the fund. Caps the total amount of state income
Taxing area for fire protection services. Authorizes the River Ridge Development Authority (authority) to create a taxing area within the boundaries of the authority to capture incremental sales tax and income tax to be transferred to the River Ridge fire protection fund (fund). Establishes the fund. Provides that, if a taxing area is established, the revenue from the taxing area shall be deposited in the fund to be used to provide for, or contract with other municipalities to provide for, fire protection for the authority. Provides that the authority shall administer the fund. Caps the total amount of state income
taxes and sales taxes annually captured in the tax area at $1,200,000. Expires the tax area after 10 years.
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