Estimate; eligible property tax replacement amount and homestead
credits; additional distribution for economic development district
Sec. 3. (a) The department, with the assistance of the auditor of
state and the department of local government finance, shall
determine an amount equal to the eligible property tax replacement
amount, which is the estimated property tax replacement.
(b) The department of local government finance shall certify to
the department the amount of homestead credits provided under
IC 6-1.1-20.9 which are allowed by the county for the particular
calendar year.
(c) If there are one (1) or more taxing districts in the county that
contain all or part of an economic development district that meets the
requirements of section 5.5 of this chapter, the department of local
government finance shall estimate an additional distribution for the
county in the same report required under subsection (a). This
additional distribution equals the sum of the amounts determined
under the following STEPS for all taxing districts in the county that
contain all or part of an economic development district:
STEP ONE: Estimate that part of the sum of the amounts under
section 2(g)(1)(A) and 2(g)(2) of this chapter that is attributable
to the taxing district.
STEP TWO: Divide:
(A) that part of the estimated property tax replacement
amount attributable to the taxing district; by
(B) the STEP ONE sum.
STEP THREE: Multiply:
(A) the STEP TWO quotient; times
(B) the taxes levied in the taxing district that are allocated to
a special fund under IC 6-1.1-39-5.
(d) The sum of the amounts determined under subsections (a)
through (c) is the particular county's estimated distribution for the
calendar year.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by Acts 1979,
P.L.60, SEC.2; P.L.44-1984, SEC.7; P.L.86-1987, SEC.1;
P.L.332-1989(ss), SEC.13; P.L.90-2002, SEC.200; P.L.192-2002(ss),
SEC.40.
Last modified: May 28, 2006