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IN HB1042
Bill
Status
1/4/2017
Primary Sponsor
Jeffrey Thompson
Click for details
AI Summary
HB 1042 Summary
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Extends authority for certain school corporations to allocate circuit breaker credits proportionately (without accounting for protected taxes) through 2019, rather than ending in 2018.
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School corporations become ineligible for proportionate allocation if they issued new debt in 2017, 2018, or 2019 AND their debt service levy in 2018 or 2019 exceeds their 2016 debt service levy AND their debt service tax rate in 2018 or 2019 exceeds their 2016 debt service tax rate.
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Eligible school corporations must have at least 10% of credits granted against their transportation fund levy, as certified by the department of local government finance.
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Eligible corporations may allocate credit effects proportionately among all non-exempt property tax funds based on each fund's levy without regard to protected tax requirements.
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Effective July 1, 2017; applies only to credits against property taxes first due and payable after December 31, 2017.
Legislative Description
Allocation of circuit breaker credits by schools. Extends the authority for certain school corporations to allocate circuit breaker credits proportionately (without taking protected taxes into account) through 2019. (Under current law, this authority extends only through 2018.) Provides that a school corporation may not allocate circuit breaker credits proportionately if: (1) the school corporation issued new debt in 2017, 2018, or 2019; and (2) the school corporation's debt service levy in 2018 or 2019 is greater than its 2016 debt service levy, and the school corporation's debt service tax rate in 2018 or 2019 is greater than its 2016 debt
Last Action
First reading: referred to Committee on Ways and Means
1/4/2017