December tax collections were more than $40 million above target.
The city council passed the tax anticipation loan with a new three-year repayment plan at Thursday evening's meeting.
Hostess Brands plans to use the tax abatement as a part of its $10 million improvement plan for a bakery in Indianapolis.
Both the House and Senate voted overwhelmingly to override the veto of a bill correcting a tax issue in two Indiana counties.
The veto overrides a bill that would retroactively authorize income taxes in Jackson and Pulaski counties.
A bill would provide an income tax credit for three years in an attempt to encourage people to switch to natural gas powered vehicles.
Some county council members said using the taxes to upgrade the convention center was a top priority, but others questioned the benefits it would bring.
The Monroe County Council is considering a proposal that would increase taxes on county businesses to pay for an expanded convention center.
This summer, Indiana will begin collecting a 7 percent sales tax on products bought from online retailers, a cost that will likely be passed on to consumers.
Gov. Mitch Daniels announced Wednesday Indiana taxpayers filing alone will receive $111. Those filing jointly will receive $222.