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Senate Bill 0609


 

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Senate Bill 0609

ARCHIVE (2005)

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DIGEST OF SB 609 (Updated April 29, 2005 10:05 pm - DI 14)

County income tax distributions. Distributes county adjusted gross income tax (CAGIT) revenue to civil taxing units and school corporations and county option income tax (COIT) revenue to civil taxing units according to a formula that: (1) excludes the portion of property taxes used to pay debt issued after June 30, 2005; and (2) includes the previous year's local income tax distribution. Provides that the department of state revenue shall make adjustments to increase a county's certified distribution of CAGIT, COIT, or county economic development income tax (CEDIT) revenue when a county increases the tax rate, in the same manner required when the county initially imposes the tax.
    Current Status:
     Law Enacted
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