Allocation of replacement credits; tax levy not due in same year as
credit distribution; amount; formula; adjustments
Sec. 13. (a) If a civil taxing unit or school corporation of an
adopting county does not impose a property tax levy that is first due
and payable in a calendar year in which property tax replacement
credits are being distributed, that civil taxing unit or school
corporation is entitled to receive a proportion of the property tax
replacement credits to be distributed within the county. The amount
such a civil taxing unit or school corporation is entitled to receive
during that calendar year equals the product of:
(1) the part of the county's certified distribution that is to be
used to provide property tax replacement credits during that
calendar year; multiplied by
(2) a fraction:
(A) The numerator of the fraction equals the budget of that
civil taxing unit or school corporation for that calendar year.
(B) The denominator of the fraction equals the aggregate
budgets of all civil taxing units and school corporations of
that county for that calendar year.
(b) If for a calendar year a civil taxing unit or school corporation
is allocated a proportion of a county's property tax replacement
credits by this section then the formula used in section 12 of this
chapter to determine all other civil taxing units' and school
corporations' property tax replacement credits shall be changed for
that same year by reducing the amount dedicated to providing
property tax replacement credits by the amount of property tax
replacement credits allocated under this section for that same
calendar year. The department of local government finance shall
make any adjustments required by this section and provide them to
the appropriate county auditors.
As added by P.L.73-1983, SEC.2. Amended by P.L.90-2002,
SEC.294.
Last modified: May 28, 2006