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Senate President Robert Stivers described the measure as a necessary step to help businesses recover from pandemic-related setbacks without the fear of potential virus-related lawsuits.
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Eighty percent of tax revenues generated within the district would be returned to the district and reinvested in economic development projects over the 30 year duration of the TIF.
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Supporters say it will keep residents safe, but critics argue it will lead to fear and racial profiling.
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Since 2005, Indiana's law allows police to seize someone's guns without a warrant if that person is a danger to themselves or others.
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Earlier this week, Bevin said a revised bill is written and ready for lawmakers to consider.