IndianaHobart's qualifying state loans would be canceled in 2026
For certain 2023 loans tied to bond refinancing and property tax shortfalls, Hobart would owe no further payments to Indiana starting January 15, 2026.
What it does
Loans Hobart authorized in 2023 to refinance certain city and redevelopment district bonds and cover property tax shortfalls would be canceled, and the city would owe no more payments.
Argument forHobart could keep money it would otherwise pay on these state loans and use it for other city needs.
Argument againstIndiana could receive less money from Hobart because the state would cancel these loans and stop requiring further payments.
More detail
The bill would cancel the described state loans and end Hobart's duty to make further payments on them. This applies only to loans authorized by Hobart ordinances passed in 2023, to refinance certain city and redevelopment district bonds and cover city property tax shortfalls. The cancellation and payment relief begin January 15, 2026, retroactively; the section expires December 31, 2026.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jan 5First reading: referred to Committee on Tax and Fiscal PolicyLatest
- Jan 5Authored by Senator SpencerIntroduced
Taxes & Budget