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IN SB0432
Bill
Status
1/12/2015
Primary Sponsor
Rick Niemeyer
Click for details
AI Summary
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Amends IC 6-1.1-20.6-12 to change how excise taxes and local option income taxes are distributed to taxing units based on property tax levies.
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For distributions after 2015, calculations must be based on property tax levies after subtracting circuit breaker property tax credits provided to taxpayers.
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Maintains the previous calculation method (before any credit reductions) for the period after 2008 and before 2016.
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Effective date is July 1, 2015.
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Referred to Committee on Appropriations on January 12, 2015.
Legislative Description
Distribution of taxes based on tax levies. Provides that after 2015 if a distribution of excise taxes or local option income taxes to a taxing unit is based on the amount of a taxing unit's property tax levy, the calculation of the distribution is to be based on the amount of the taxing unit's property tax levy after subtracting any circuit breaker property tax credits that are provided to taxpayers of the taxing unit for property located in the taxing unit.
Last Action
First Reading: referred to Committee on Appropriations
1/12/2015