Loan proceeds and delinquent tax payments; levy excess
Sec. 6. (a) The receipt by the qualified taxing unit of the loan
proceeds is not considered to be part of the ad valorem property tax
levy actually collected by the qualified taxing unit for taxes first due
and payable during a particular calendar year for the purpose of
calculating the levy excess under IC 6-1.1-18.5-17 and
IC 6-1.1-19-1.7. The receipt by the qualified taxing unit of any
payment of delinquent tax owed by a taxpayer in bankruptcy is
considered to be part of the ad valorem property tax levy actually
collected by the qualified taxing unit for taxes first due and payable
during a particular calendar year for the purpose of calculating the
levy excess under IC 6-1.1-18.5-17 and IC 6-1.1-19-1.7.
(b) The loan proceeds and any payment of delinquent tax may be
expended by the qualified taxing unit only to pay debts of the
qualified taxing unit that have been incurred pursuant to duly
adopted appropriations approved by the department of local
government finance for operating expenses.
(c) In the event the sum of the receipts of the qualified taxing unit
that are attributable to:
(1) the loan proceeds; and
(2) the payment of property taxes owed by a taxpayer in a
bankruptcy proceeding initially filed in 2000 and payable in
2001;
exceeds sixteen million dollars ($16,000,000), the excess as received
during any calendar year or years shall be set aside and treated for
the calendar year when received as a levy excess subject to
IC 6-1.1-18.5-17 or IC 6-1.1-19-1.7. In calculating the payment of
property taxes as provided in subdivision (2), the amount of property
tax credit finally allowed under IC 6-1.1-21-5 in respect to such taxes
is deemed to be a payment of such property taxes.
(d) As used in this section, "delinquent tax" means any tax owed
by a taxpayer in a bankruptcy proceeding initially filed in 2000 and
that is not paid during the calendar year for which it was first due and
payable.
As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001,
SEC.210; P.L.90-2002, SEC.202.
Last modified: May 28, 2006