Application and qualifications for loan
Sec. 6. (a) A taxing unit may apply for a loan under this chapter.
(b) A taxing unit qualifies for a loan under this chapter for a fund
if:
(1) the United States Congress limits or terminates its
authorization for a taxing unit to impose a property tax on a
taxpayer;
(2) the lost revenue for at least one (1) fund, as determined
under section 10, STEP THREE of this chapter, is at least five
percent (5%) of the property tax revenues for the fund that the
taxing unit would have received in the current year if the United
States Congress had not limited or terminated payments from
the taxpayer to the taxing unit, as determined under section 10,
STEP TWO of this chapter; and
(3) the taxing unit appeals to the department of local
government finance for emergency financial relief under this
chapter in the same manner as an appeal for emergency relief
under IC 6-1.1-18.5-12 or IC 6-1.1-19-4.1.
The appeal required under subdivision (3) may be filed at any time.
(c) A taxing unit may receive a loan to replace lost revenue only
for the first five (5) years in which the taxing unit loses revenue as
a result of an act of the United States Congress described in
subsection (b)(1).
As added by P.L.58-1997, SEC.1. Amended by P.L.2-1998, SEC.21;
P.L.90-2002, SEC.205.
Last modified: May 28, 2006