Citations Affected: None (noncode).
Synopsis: State payment of certain local borrowing costs. Provides for
the reimbursement by the state of borrowing costs of a taxing unit in a
county if: (1) the department of local government finance ordered a
reassessment of real property for the assessment date in 2006; (2) the
billing of property taxes in the county in 2007 was late; and (3) as a
result, the taxing unit had to borrow for current operations.
Appropriates money from the state general fund to pay claims for
Effective: Upon passage.
January 15, 2009, read first time and referred to Committee on Appropriations.
A BILL FOR AN ACT concerning taxation and to make an
(3) the inability of the county to issue timely property tax statements required one (1) or more taxing units in the county to borrow money in 2007 to support current operations.
(e) Not later than June 15, 2009, the fiscal officer of a taxing unit may file a written claim with the department for reimbursement of the borrowing costs of the taxing unit:
(1) that are attributable to a borrowing referred to in subsection (d)(3); and
(A) were incurred as of the date of the claim; or
(B) are expected to be incurred after the date of the claim and before July 1, 2009.
(f) The department shall:
(1) review each claim filed under subsection (e) to determine whether the claim qualifies for reimbursement under this SECTION; and
(2) certify the amount of each approved claim to the auditor of state.
(g) There is appropriated to the department of local government finance from the state general fund for the state fiscal year beginning July 1, 2008, and ending June 30, 2009, an amount sufficient to make the distributions necessary to pay the claims certified under subsection (f)(2). The auditor of state shall transfer money to the department in amounts sufficient for the department to pay the taxing units.
(h) This SECTION expires July 1, 2009.