Property tax replacement fund board; membership; powers and
duties
Sec. 10. (a) There is established a property tax replacement fund
board to consist of the commissioner of the department, the
commissioner of the department of local government finance, the
director of the budget agency, and two (2) ex officio nonvoting
representatives of the general assembly of the state of Indiana. The
speaker of the house of representatives shall appoint one (1) member
of the house as one (1) of the ex officio nonvoting representatives,
and the president pro tempore of the senate shall appoint one (1)
senator as the other ex officio nonvoting representative, each to serve
at the will of the appointing officer. The commissioner of the
department shall be the chairman of the board, and the director of the
budget agency shall be the secretary of the board.
(b) Except as provided in section 10.5 of this chapter, the
schedule to be used in making distributions to county treasurers
during the periods set forth in section 4(b) of this chapter is as
follows:
January 0.00%
February 0.00%
March 16.70%
April 16.70%
May 0.00%
June 0.00%
July 16.60%
August 0.00%
September 16.70%
October 16.70%
November 16.60%
December 0.00%
The board may authorize the department to distribute the estimated
distributions to counties earlier than what is required under section
4(b) of this chapter.
(c) The board is also authorized to transfer funds from the
property tax replacement fund for the purpose of providing financial
aid to school corporations as provided in IC 21-3.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by
P.L.1-1982(ss), SEC.3; P.L.68-1985, SEC.3; P.L.240-1991(ss2),
SEC.52; P.L.340-1995, SEC.42; P.L.26-1996, SEC.7; P.L.90-2002,
SEC.201; P.L.176-2002, SEC.2; P.L.192-2002(ss), SEC.43.
Last modified: May 28, 2006