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IN HB1339
Bill
Status
1/13/2015
Primary Sponsor
Anthony Cook
Click for details
AI Summary
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Authorizes Tipton County to impose an additional county adjusted gross income tax (CAGIT) rate of up to 0.4% on resident and nonresident taxpayers.
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Revenue from the additional tax rate may only be used to finance, construct, acquire, improve, renovate, remodel, equip, operate, or maintain the county jail and related buildings and parking facilities, or to repay bonds and leases issued for these purposes.
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The additional tax rate may only be imposed until the last of any bonds or leases for jail-related purposes are fully paid, with a maximum bond/lease term of 20 years.
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Establishes a county jail revenue fund administered by the county treasurer, with revenues deposited before general distribution and not counted toward the county's property tax levy limit.
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Takes effect upon passage; declares an emergency for the act.
Legislative Description
Additional Tipton County CAGIT rate. Authorizes Tipton County to impose an additional county adjusted gross income tax (CAGIT) rate of not more than 0.4%. Provides that revenue from the additional tax rate may be used only to: (1) pay the costs of financing, constructing, acquiring, improving, renovating, remodeling, equipping, operating, or maintaining the county jail and related buildings and parking facilities; and (2) pay bonds issued or leases entered into for those purposes. Specifies that the additional rate may be imposed only until the date on which the last of any bonds issued or leases entered into for those purposes
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015