Sec. 7. (a) The budget agency must approve the resolution before the covered taxes may be allocated under section 8 of this chapter.

(b) When considering a resolution, the budget committee and the budget agency must make the following findings:

(1) The project specified in the resolution is economically sound and will benefit the people of Indiana by protecting or increasing state and local tax bases and tax revenues for at least the duration of the tax area established under this chapter.

(2) The political subdivisions affected by the project specified in the resolution have committed significant resources toward completion of the improvement.

(c) Revenues from the tax area may not be allocated until the budget agency approves the resolution.

(d) In addition to the requirements under subsections (a) and (c), covered taxes may not be allocated unless:

(1) the commission has established a tax area under section 8 of this chapter;

(2) the budget committee has reviewed the resolution;

(3) the city-county council has adopted an ordinance to impose an admissions tax under IC 6-9-13;

(4) the capital improvement board has adopted a resolution to apply revenue collected in the tax area and transferred to the capital improvement board from imposition of:

(A) an innkeeper's tax under IC 6-9-8; and

(B) an admissions tax under IC 6-9-13;

(5) the owner or owners of the professional soccer team have provided at least twenty percent (20%) of the cost of the project to construct the facility that will be used to host professional sporting events; and

(6) the Indiana finance authority has reviewed a feasibility study conducted by the capital improvement board, the commission, or the City of Indianapolis that demonstrates that the proposed project related to the proposed tax area will protect or increase the state tax base and revenues.

(e) Revenue described in subsection (d)(4) may be used in the manner described in section 15 of this chapter.

(f) For purposes of subsection (d)(5), the term "twenty percent (20%) of the cost" means either:

(1) an initial contribution made before construction begins equal to twenty percent (20%) of the total capital construction cost of the facility; or

(2) a commitment to pay twenty percent (20%) of the annual debt service or lease rental payments payable for the facility until the financing obligation for the facility is paid in full.

(g) An entity that:

(1) collects innkeeper's tax under IC 6-9-8 or food and beverage tax under IC 6-9-12 at one (1) or more properties in the tax area; and

(2) also has one (1) or more properties in the county that are outside the tax area;

must file separate returns for the properties in the tax area at which the entity collects innkeeper's tax under IC 6-9-8 or food and beverage tax under IC 6-9-12.

As added by P.L.109-2019, SEC.16.