Indiana Code - Taxation - Title 6, Section 6-1.1-21.7-9

Maximum amount of loan

Sec. 9. (a) The maximum loan that a taxing unit may receive for
a calendar year is equal to the result determined in STEP THREE of
the following formula:

STEP ONE: Determine under section 10 of this chapter the lost
revenue in the calendar year for each fund described in section
6(b)(2) of this chapter.

STEP TWO: Determine the sum of the STEP ONE amounts for
all funds described in section 6(b)(2) of this chapter.

STEP THREE: Multiply the STEP TWO result by a phase out
factor based on the following table and the number of calendar
years that have occurred after the calendar year in which an act
of the United States Congress described in section 6(b)(1) of
this chapter initially takes effect to reduce or eliminate the
payment by a taxpayer of property taxes:

Elapsed Years Phase Out Factor
0 1.00

1 .80

2 .60

3 .40

4 .20
5 and thereafter 0.00
Round the result to the nearest dollar ($1).
(b) The board may rely on the order of the department of local
government finance under section 7 of this chapter to determine the:
(1) eligibility of a taxing unit for a loan under this chapter; and
(2) amount of a loan to grant to a taxing unit under this chapter.
As added by P.L.58-1997, SEC.1. Amended by P.L.90-2002,
SEC.208.

Last modified: May 28, 2006