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Sec. 17. (a) The ad valorem property tax levy limits imposed
by IC 6-1.1-18.5 do not apply to ad valorem property taxes
imposed by a civil taxing unit for a calendar year to pay pension
benefits under section 12(c)(1) of this chapter to the extent
provided in subsection (b).
(b) For purposes of determining the property tax levy limit
imposed on a civil taxing unit under IC 6-1.1-18.5, the civil taxing
unit's ad valorem property tax levy for a calendar year does not
include an amount equal to the amounts paid by the civil taxing
unit for pension benefits in that calendar year under section
12(c)(1) of this chapter, minus:
(1) the amount of pension relief distributions under
IC 5-10.3-11-4, IC 5-10.3-11-4.5, and IC 5-10.3-11-4.7 to be
received by the civil taxing unit in that calendar year that is
attributable to pension benefits paid under section 12(c)(1) of
this chapter for that calendar year; and
(2) an amount equal to the percentage of the civil taxing
unit's pension distributions that were relieved under
IC 5-13-12-4 in the preceding calendar year, multiplied by
the amount of pension benefits paid under section 12(c)(1) of
this chapter in that calendar year.".
(Reference is to ESB 60 as printed February 22, 2002.)
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MO006001/DI 102 2002