Calculation of certified distribution; notice to county auditor
Sec. 11. (a) Revenue derived from the imposition of the county
economic development income tax shall, in the manner prescribed by
this section, be distributed to the county that imposed it.
(b) Before August 2 of each calendar year, the department, after
reviewing the recommendation of the budget agency, shall certify to
the county auditor of each adopting county the sum of the amount of
county economic development income tax revenue that the
department determines has been:
(1) received from that county for a taxable year ending before
the calendar year in which the determination is made; and
(2) reported on an annual return or amended return processed
by the department in the state fiscal year ending before July 1
of the calendar year in which the determination is made;
as adjusted (as determined after review of the recommendation of the
budget agency) for refunds of county economic development income
tax made in the state fiscal year plus the amount of interest in the
county's account that has been accrued and has not been included in
a certification made in a preceding year. The amount certified is the
county's certified distribution, which shall be distributed on the dates
specified in section 16 of this chapter for the following calendar
year. The amount certified shall be adjusted under subsections (c),
(d), (e), (f), and (g). The department shall provide with the
certification an informative summary of the calculations used to
determine the certified distribution.
(c) The department shall certify an amount less than the amount
determined under subsection (b) if the department, after reviewing
the recommendation of the budget agency, determines that the
reduced distribution is necessary to offset overpayments made in a
calendar year before the calendar year of the distribution. The
department, after reviewing the recommendation of the budget
agency, may reduce the amount of the certified distribution over
several calendar years so that any overpayments are offset over
several years rather than in one (1) lump sum.
(d) After reviewing the recommendation of the budget agency, the
department shall adjust the certified distribution of a county to
correct for any clerical or mathematical errors made in any previous
certification under this section. The department, after reviewing the
recommendation of the budget agency, may reduce the amount of the
certified distribution over several calendar years so that any
adjustment under this subsection is offset over several years rather
than in one (1) lump sum.
(e) The department, after reviewing the recommendation of the
budget agency, shall adjust the certified distribution of a county to
provide the county with the distribution required under section 16(b)
of this chapter.
(f) The department, after reviewing the recommendation of the
budget agency, shall adjust the certified distribution of a county to
provide the county with the amount of any tax increase imposed
under section 25 or 26 of this chapter to provide additional
homestead credits as provided in those provisions.
(g) This subsection applies to a county that:
(1) initially imposed the county economic development income
tax; or
(2) increases the county economic development income rate;
under this chapter in the same calendar year in which the department
makes a certification under this section. The department, after
reviewing the recommendation of the budget agency, shall adjust the
certified distribution of a county to provide for a distribution in the
immediately following calendar year and in each calendar year
thereafter. The department shall provide for a full transition to
certification of distributions as provided in subsection (b)(1) through
(b)(2) in the manner provided in subsection (c).
As added by P.L.380-1987(ss), SEC.6. Amended by P.L.267-2003,
SEC.13; P.L.207-2005, SEC.9.
Last modified: May 28, 2006