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Senate Bill 0166


 

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Senate Bill 0166

ARCHIVE (2003)

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DIGEST OF SB 166 (Updated April 26, 2003 11:50 PM - DI 52)

Extends the rainy day fund loan repayment schedule for Porter County school corporations and public libraries by one year. Changes the method for computing the amount distributed to counties from money received by the department of state revenue from a county adjusted gross income tax, county option income tax, or county economic development income tax. Provides for a transition to the new method for counties in the first several years that a county income tax is initially imposed in the county. Requires a supplemental distribution in excess of the certified distribution to be deposited in a civil taxing unit's rainy day fund. Repeals: (1) provisions concerning the keeping of three and six month balances in a county's tax account with the state; and (2) a provision requiring a report on account balances for the county economic development income tax in February of each year.
    Current Status:
     Law Enacted
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