IN HB1045

Changes the distribution formula for choice scholarship transition grants to school corporations and charter schools (excluding virtual charter schools) from a percentage of total tuition support to a per capita amount based on the number of students who received choice scholarships and left the school

Establishes a seven-step calculation formula that determines grant amounts by comparing what schools would have received in tuition support if scholarship students had remained enrolled versus the actual scholarship amounts paid out

Requires grants to be paid in two equal installments: 50% in June and 50% in December of each year

Specifies that choice scholarship transition grants are not included when calculating a school corporation's previous year revenue

Moves the grant formula from a temporary noncode provision in the 2011 budget into permanent Indiana Code, with a retroactive effective date of January 1, 2012