IN HB1479

County income tax revenue deposited in county accounts within the state general fund is held by the state in trust for the county.

Department of State Revenue must record and track the amount of county adjusted gross income tax, county option income tax, and county economic development income tax received from county taxpayers for each taxable year.

Budget agency shall make a supplemental distribution to each county in January of each year equal to the amount of county income tax revenue received from county taxpayers that was not included in previously certified distributions.

Changes apply to three types of county income taxes: adjusted gross income tax, option income tax, and economic development income tax.

Effective date is July 1, 2013.