Loading chat...
IN SB0359
Bill
AI Summary
-
School business officials or financial officers must report to the governing body within 45 days if the school corporation or charter school fails to pay Federal Insurance Contributions Act (FICA) taxes or withheld state income taxes within 30 days after the due date, including any accrued penalties and interest.
-
The governing body must hold a public meeting within 30 days of receiving the delinquency report to provide details on the failure to pay taxes and allow interested parties to testify.
-
If a school corporation or charter school becomes delinquent two or more times within a 365-day period on FICA taxes or withheld state income taxes, it must notify the department of education, budget agency, and distressed unit appeal board within 45 days of the second or subsequent delinquency.
-
The deadline for using school capital project funds for utility services and property and casualty insurance is removed, allowing these expenditures before July 1, 2017 (previously limited to before July 1, 2017).
-
The bill applies to school corporations and charter schools required to pay FICA taxes imposed after June 30, 2016, and withheld state income taxes deducted after June 30, 2016, and becomes effective July 1, 2016.
Legislative Description
School corporation tax matters. Provides that if a school corporation or a charter school does not pay taxes due under the Federal Insurance Contributions Act within 30 days after the due date (and any known accrued penalties and interest on those taxes) or does not pay withheld state income taxes (and any known accrued penalties and interest on those taxes) within 30 days after the due date: (1) the school business official or financial officer shall report the failure to pay the taxes and the penalties and interest to the governing body of the school corporation or charter school; and
Last Action
Senator Ford added as coauthor
1/12/2016