Loading chat...
IN HB1503
Bill
Status
1/16/2019
Primary Sponsor
Vernon Smith
Click for details
AI Summary
-
School corporations may receive forgiveness for principal or interest on loans or advances from Indiana's common school fund
-
Eligibility requires meeting all five criteria: at least 60% of students qualify for free/reduced lunch, property tax collection rate below 50% in the preceding year, designation as a distressed political subdivision under IC 6-1.1-20.3, recommendation from the distressed unit appeal board, and approval from the state board
-
School corporations must apply to the state board for loan forgiveness approval in a manner prescribed by the board
-
Budget agency may deposit reverted state general fund appropriations into the common school fund to offset forgiven loans, capped at 3% of amounts reverted in a fiscal year
-
Effective date: July 1, 2019
Legislative Description
Loan forgiveness for distressed schools. Provides that certain school corporations that are distressed political subdivisions may qualify to have common school fund loans or advances forgiven. Provides that the budget agency may approve to deposit reversions to the state general fund into the common school fund to offset advances or loans forgiven.
Last Action
First reading: referred to Committee on Ways and Means
1/16/2019