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IN SB0332
Bill
Status
1/7/2019
Primary Sponsor
Travis Holdman
Click for details
AI Summary
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Adds a January 1, 2025 expiration date for Lake County's special authority to use local income tax revenue for property tax replacement credits against county levies or municipal/unincorporated area property taxes
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Establishes a five-year phase-out schedule for property tax replacement credit distributions: 80% credits/20% standard in 2020, shifting 20% annually until 100% standard distribution by January 1, 2024
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After December 31, 2024, Lake County's existing tax rate continues in effect but converts to the statewide local income tax framework, funding percentage-based property tax credits for all taxpayers
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Prohibits the Lake County council from reducing or rescinding local income tax rates between May 15, 2019 and January 1, 2025; any rate reduced between January 1, 2019 and May 15, 2019 automatically restores to December 31, 2018 levels
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Declared an emergency measure, taking effect immediately upon passage
Legislative Description
Lake County local income tax distributions. Adds an expiration date for certain special provisions in current law that allow the Lake County council to adopt an ordinance to use local income tax revenue to provide property tax replacement credits against: (1) property tax levies imposed by the county; or (2) property taxes imposed by municipalities and by the county in unincorporated areas. Provides a schedule for distribution of the tax revenue until the expiration of the special provisions in current law. Provides that if Lake County has an ordinance in effect under the special provisions that reduces all property tax levies imposed by the county by the granting of property tax replacement credits against those property tax levies, the tax rate imposed under that ordinance continues in effect and shall be imposed under the provisions in the local income tax statute that apply to all counties.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/7/2019