Version b
Allocation of property tax replacement credits; amount; formula;
certification
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 1-1-2006.
Sec. 12. (a) The part of a county's certified distribution for a
calendar year that is to be used as property tax replacement credits
shall be allocated by the county auditor among the civil taxing units
and school corporations of the county.
(b) Except as provided in section 13 of this chapter, the amount
of property tax replacement credits that each civil taxing unit and
school corporation in a county is entitled to receive during a calendar
year equals the product of:
(1) that part of the county's certified distribution that is
dedicated to providing property tax replacement credits for that
same calendar year; multiplied by
(2) a fraction:
(A) The numerator of the fraction equals the allocation
amount for the civil taxing unit or school corporation during
that calendar year.
(B) The denominator of the fraction equals the sum of the
allocation amounts for all the civil taxing units and school
corporations of the county for that calendar year.
(c) The department of local government finance shall provide
each county auditor with the amount of property tax replacement
credits that each civil taxing unit and school corporation in the
auditor's county is entitled to receive under this section. The county
auditor shall then certify to each civil taxing unit and school
corporation the amount of property tax replacement credits it is
entitled to receive (after adjustment made under section 13 of this
chapter) under this section during that calendar year. The county
auditor shall also certify these distributions to the county treasurer.
As added by P.L.73-1983, SEC.2. Amended by P.L.90-2002,
SEC.293; P.L.207-2005, SEC.3.
Last modified: May 28, 2006