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IN SB0505
Bill
Status
1/14/2015
Primary Sponsor
Karen Tallian
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AI Summary
SB 505 Summary
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Appropriates $100,000,000 annually starting in 2016 to reduce school corporation transportation fund levies through replacement grants distributed by the state auditor.
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Appropriates $200,000,000 annually starting in 2016 for circuit breaker replacement grants to school corporations experiencing property tax levy reductions of at least 10% or $1,000,000 due to circuit breaker credits.
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Authorizes counties, cities, and towns to impose a separate property tax levy for local infrastructure funds starting in 2016, with maximum levy amounts based on school transportation fund levy reductions.
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Permits infrastructure funds to be used for road and street projects, communications systems, parks and recreational facilities, parking facilities, and related capital improvements including bond and debt service payments.
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Effective July 1, 2015.
Legislative Description
Local government finance. Appropriates $100,000,000 in 2016 and each year thereafter from the state general fund to be used to reduce school corporation transportation fund levies. Authorizes counties, cities, and towns to impose a separate property tax levy for an infrastructure fund. Provides that the maximum permissible levy for an infrastructure property tax levy is based on the amount of the reduction in school transportation fund levies. Specifies the infrastructure purposes for which money in an infrastructure fund may be used (after appropriation by the unit's fiscal body). Appropriates $200,000,000 in 2016 and each year thereafter from the state general
Last Action
First Reading: referred to Committee on Appropriations
1/14/2015