Penalty for noncompliance; amount; distribution of penalty among
taxing units
Sec. 13. (a) If the fiscal body adopts a resolution under section 12
of this chapter imposing a penalty, the amount of the penalty is the
amount determined under the following formula:
STEP ONE: Determine the total amount of property tax credits
received by the high impact business owner under this chapter.
STEP TWO: Divide the STEP ONE result by ten (10).
STEP THREE: Determine the number of years that have
elapsed since January 1 of the first year in which the high
impact business owner received a property tax credit under
section 10 of this chapter.
STEP FOUR: Subtract the STEP THREE result from twenty
(20).
STEP FIVE: Multiply the STEP FOUR result by the STEP
TWO result.
(b) The high impact business owner shall pay the amount
determined under subsection (a) to the county treasurer. The county
treasurer shall distribute money paid under this section on a pro rata
basis to the general fund of each taxing unit that contains the
inventory that was subject to the property tax credit. The amount to
be distributed to the general fund of each taxing unit shall be
determined by the county auditor according to the following formula:
STEP ONE: For each year that the property tax credit was in
effect, determine the amount of property taxes that were paid by
the high impact business owner to the taxing unit.
STEP TWO: Determine the sum of the STEP ONE amounts.
STEP THREE: Divide the STEP TWO sum by the sum
determined under STEP TWO of section 14(e) of this chapter.
STEP FOUR: Multiply the amount paid by the high impact
business owner under section 14(e) of this chapter by the STEP
THREE quotient.
As added by P.L.146-2002, SEC.1.
Last modified: May 28, 2006