Loading chat...

IN HB1396

Bill

Official Source

Status

Introduced

1/18/2011

Primary Sponsor

Timothy Wesco

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Eliminates the special exception that allowed Lake County and St. Joseph County to exclude certain property taxes from circuit breaker credit calculations
  • Property taxes used to pay debt service or lease payments for bonds and leases issued before July 1, 2008, will now be included in circuit breaker credit calculations for these two counties
  • Repeals the 2008 legislative finding that circuit breaker limits were expected to reduce aggregate property tax revenue in Lake and St. Joseph Counties by at least 20% in 2010
  • Maintains existing circuit breaker credit caps: 1% for homesteads, 2% for residential/agricultural/long-term care property, and 3% for commercial and personal property
  • Effective date of January 1, 2012, with the Department of Local Government Finance required to notify county auditors in Lake and St. Joseph Counties before that date

Legislative Description

Exception to circuit breaker credit.

Last Action

First reading: referred to Committee on Ways and Means

1/18/2011

Full Bill Text

No bill text available