Citations Affected: IC 6-1.1-21-2.5.
Synopsis: Restriction on school levy. Prohibits a school corporation
from levying taxes to offset a reduction in revenue resulting from a
statutory amendment reducing the amount of state property tax
replacement payable to the school corporation.
Effective: January 1, 2003 (retroactive).
January 7, 2003, read first time and referred to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2003 (RETROACTIVE)]: Sec. 2.5. (a)
This section applies if, for taxes first due and payable after
December 31, 2002:
(1) section 2(j) and 2(l) of this chapter is amended; or
(2) any other amendment is enacted;
to reduce below sixty percent (60%) the amount of property tax replacement payable by the state under this chapter with respect to a school corporation for its general fund for a stated assessment year.
(b) A school corporation may not:
(1) for a stated assessment year under subsection (a); or
(2) for a later assessment year;
levy and collect from taxpayers the amount of taxes that would have been replaced by a state property tax replacement distribution under this chapter if the percentage had not been
reduced as described in subsection (a).
SECTION 2. An emergency is declared for this act.