Provides that a person operating a business on a property may be compensated for business losses resulting from a condemnation of the property. Provides that a municipality may not acquire property using an alternative condemnation procedure if the municipality is notified of the person's intent to claim compensation for business losses. Specifies that if a unit of local government (unit) provides forgivable loans, the unit must (as a condition of providing forgivable loans) require that a person operating a business on a property may be entitled to compensation under the bill's provisions concerning compensation for business losses.

Statutes affected:
Introduced Senate Bill (S): 32-24-1-7, 32-24-2-6