Increase or decrease of rate
Sec. 13. (a) The fiscal body of a municipality may increase or
decrease the rate of a municipal option income tax. To increase or
decrease the rate, the fiscal body must, after January 1 but before
May 1 of a year, adopt an ordinance. The ordinance must
substantially state the following:
"The ________ Fiscal Body increases (or decreases) the rate of
the municipal option income tax. The tax rate with respect to
resident municipal taxpayers is increased (or decreased) from
(insert current rate) to (insert proposed rate). The tax rate with
respect to all other municipal taxpayers is increased (or
decreased) from (insert current rate) to (insert proposed rate).
This tax rate increase (or decrease) takes effect July 1 of this
year.".
(b) A fiscal body shall hold a public hearing on the proposed
ordinance before adopting an ordinance under subsection (a). The
municipal fiscal body shall give public notice of the public hearing
under IC 5-3-1.
(c) An ordinance adopted under this section takes effect July 1 of
the year the ordinance is adopted.
As added by P.L.151-2001, SEC.6.
Last modified: May 28, 2006