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IN SB0067
Bill
Status
3/23/2016
Primary Sponsor
Brandt Hershman
Click for details
AI Summary
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Reduces the threshold for supplemental distributions of county local income tax from 50% to 15% of certified distributions, effective July 1, 2016.
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Requires the budget agency to make a one-time special distribution to each county before May 1, 2016, equal to 100% of the balance in the county's trust account as of December 31, 2014.
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Specifies that at least 75% of special distributions must be used for road and street projects, bond payments for road projects, highway equipment, matching grants, or aviation capital projects, with remainder permitted for any county purpose.
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Requires allocation of special distributions to taxing units using methods based on former income tax laws (IC 6-3.5-1.1, IC 6-3.5-6, and IC 6-3.5-7).
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Allows taxing units receiving supplemental distributions to allocate property tax credit portions to property tax credits for up to three years following receipt.
Legislative Description
Local income tax distributions. Provides for a supplemental distribution of local income taxes when the balance in a county's local income tax trust account exceeds 15% (rather than 50%, under current law) of the certified distributions to be made to the county. Specifies the accounting, allocation method, and distribution requirements for supplemental distributions. Requires before May 2016 a one time special allocation of the balance in a county's trust account as of December 31, 2014. Provides that a taxing unit's allocation amount is to be determined in the same manner as a supplemental distribution would have generally been determined under
Last Action
Public Law 126
3/23/2016