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IN HB1417
Bill
Status
1/14/2019
Primary Sponsor
Jeffrey Thompson
Click for details
AI Summary
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Creates a new "allocation factor" formula for distributing certain local income tax (LIT) revenue to civil taxing units and school corporations, combining property tax levies with total residential assessed value
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Phases in the new weighting over four years: property tax component decreases from 100% (2020) to 20% (2024 and after), while residential assessed value component increases from 0% (2020) to 80% (2024 and after)
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Applies to expenditure rate revenue distributions, certified shares allocations, and additional revenue for public safety and economic development purposes
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Effective July 1, 2019, with existing distribution methods continuing through 2019 and the new allocation factor applying to distributions beginning in 2020
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Amends Indiana Code sections IC 6-3.6-2-3.5 and IC 6-3.6-6, with the transitional provisions expiring June 30, 2022
Legislative Description
Distribution of local income taxes. Phases in a new distribution formula for certain local income tax (LIT) revenue using a weighted combination of property tax levies and total residential assessed value for taxing units receiving this LIT revenue. Phases in the weights over four years beginning in 2021.
Last Action
First reading: referred to Committee on Ways and Means
1/14/2019