IC 6-5.5-8
Chapter 8. Financial Institutions Tax Fund
IC 6-5.5-8-1 Establishment; purpose; investment of money in fund; reversion
of funds
Sec. 1. (a) The financial institutions tax fund is established for the
purpose of making distributions to counties and for providing
revenue for state appropriations. The fund shall be administered by
the treasurer of state.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund. As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8-2 Quarterly distributions to counties; amount; supplemental
distributions
Sec. 2. (a) On or before February 1, May 1, August 1, and
December 1 of each year the auditor of state shall transfer to each
county auditor for distribution to the taxing units (as defined in
IC 6-1.1-1-21) in the county, an amount equal to one-fourth (1/4) of
the sum of the guaranteed amounts for all the taxing units of the
county. On or before August 1 of each year the auditor of state shall
transfer to each county auditor the supplemental distribution for the
county for the year.
(b) For purposes of determining distributions under subsection
(c), the department of local government finance shall determine a
state welfare allocation and tuition support allocation for each county
calculated as follows:
(1) The state welfare allocation for each county equals the
greater of zero (0) or the amount determined under the
following formula:
STEP ONE: For 1997, 1998, and 1999, determine the result
of:
(i) the amounts appropriated by the county in the year for
the county's county welfare fund and county welfare
administration fund; divided by
(ii) the amounts appropriated by all the taxing units in the
county in the year.
STEP TWO: Determine the sum of the results determined in
STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the county under subsection (c) without
regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
STEP SIX: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the county in the year for the
county's county medical assistance to wards fund, family
and children's fund, children's psychiatric residential
treatment services fund, county hospital care for the
indigent fund, and children with special health care needs
county fund, plus, in the case of Marion County, the tax
rate imposed by the health and hospital corporation that
was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county unit in
the year plus, in the case of Marion County, the aggregate
tax rate imposed by the health and hospital corporation in
the year.
STEP SEVEN: Determine the sum of the STEP SIX
amounts.
STEP EIGHT: Divide the STEP SEVEN result by three (3).
STEP NINE: Determine the amount that would otherwise be
distributed to the county under subsection (c) without regard
to this subdivision.
STEP TEN: Determine the result of:
(i) the STEP EIGHT amount; multiplied by
(ii) the STEP NINE result.
STEP ELEVEN: Determine the sum of the STEP FIVE
amount and the STEP TEN amount.
(2) The tuition support allocation for each school corporation
equals the greater of zero (0) or the amount determined under
the following formula:
STEP ONE: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the school corporation in the
year for the tuition support levy under IC 6-1.1-19-1.5
(repealed) or IC 20-45-3-11 (repealed) for the school
corporation's general fund plus the tax rate imposed by the
school corporation for the school corporation's special
education preschool fund; divided by
(ii) the aggregate tax rate imposed by the school
corporation in the year.
STEP TWO: Determine the sum of the results determined
under STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the school corporation under subsection (c)
without regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
(3) The state welfare allocation and tuition support allocation
shall be deducted from the distributions otherwise payable
under subsection (c) to the county taxing unit and school
corporations in the county and shall be deposited in a fund, as
directed by the budget agency.
(c) A taxing unit's guaranteed distribution for a year is the greater
of zero (0) or an amount equal to:
(1) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; minus
(2) the amount to be received by the taxing unit in the year of
the distribution, as determined by the department of local
government finance, from property taxes attributable to the
personal property of banks, exclusive of the property taxes
attributable to personal property leased by banks as the lessor
where the possession of the personal property is transferred to
the lessee; minus
(3) in the case of a taxing unit that is a county, the amount that
would have been received by the taxing unit in the year of the
distribution, as determined by the department of local
government finance from property taxes that:
(A) were calculated for the county's county welfare fund and
county welfare administration fund for 2000 but were not
imposed because of the repeal of IC 12-19-3 and IC 12-19-4;
and
(B) would have been attributable to the personal property of
banks, exclusive of the property taxes attributable to
personal property leased by banks as the lessor where the
possession of the personal property is transferred to the
lessee.
(d) The amount of the supplemental distribution for a county for
a year shall be determined using the following formula:
STEP ONE: Determine the greater of zero (0) or the difference
between:
(A) one-half (1/2) of the taxes that the department estimates
will be paid under this article during the year; minus
(B) the sum of all the guaranteed distributions, before the
subtraction of all state welfare allocations and tuition
support allocations under subsection (b), for all taxing units
in all counties plus the bank personal property taxes to be
received by all taxing units in all counties, as determined
under subsection (c)(2) for the year.
STEP TWO: Determine the quotient of:
(A) the amount received under IC 6-5-10 (repealed) and
IC 6-5-11 (repealed) in 1989 by all taxing units in the
county; divided by
(B) the sum of the amounts received under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989 by all taxing
units in all counties.
STEP THREE: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the amount determined in STEP TWO.
STEP FOUR: Determine the greater of zero (0) or the
difference between:
(A) the amount of supplemental distribution determined in
STEP THREE for the county; minus
(B) the amount of refunds granted under IC 6-5-10-7
(repealed) that have yet to be reimbursed to the state by the
county treasurer under IC 6-5-10-13 (repealed).
For the supplemental distribution made on or before August 1 of
each year, the department shall adjust the amount of each county's
supplemental distribution to reflect the actual taxes paid under this
article for the preceding year.
(e) Except as provided in subsections (g) and (h), the amount of
the supplemental distribution for each taxing unit shall be determined
using the following formula:
STEP ONE: Determine the quotient of:
(A) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; divided by
(B) the sum of the amounts used in STEP ONE (A) for all
taxing units located in the county.
STEP TWO: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the supplemental distribution for the county, as
determined in subsection (d), STEP FOUR.
(f) The county auditor shall distribute the guaranteed and
supplemental distributions received under subsection (a) to the taxing
units in the county at the same time that the county auditor makes the
semiannual distribution of real property taxes to the taxing units.
(g) The amount of a supplemental distribution paid to a taxing
unit that is a county shall be reduced by an amount equal to:
(1) an amount equal to:
(A) the amount the county would receive under subsection
(e) without regard to this subsection; multiplied by
(B) the result of the following:
(i) Determine the amounts appropriated by the county in
1997, 1998, and 1999 for the county's county welfare fund
and county welfare administration fund, divided by the
otal amounts appropriated by all the taxing units in the
county in the year.
(ii) Divide the amount determined in item (i) by three (3);
plus
(2) the amount the county would receive under subsection (e)
without regard to this subsection multiplied by the result
determined under the following formula:
(A) Determine the result of:
(i) the tax rate imposed by the county in 2006, 2007, and
2008 for the county's county medical assistance to wards
fund, family and children's fund, children's psychiatric
residential treatment services fund, county hospital care
for the indigent fund, children with special health care
needs county fund, plus, in the case of Marion County, the
tax rate imposed by the health and hospital corporation
that was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county in the
year plus, in the case of Marion County, the aggregate tax
rate imposed by the health and hospital corporation in the
year.
(B) Divide the clause (A) amount by three (3).
(h) The amount of a supplemental distribution paid to a school
corporation shall be reduced by an amount equal to:
(1) the amount the school corporation would receive under
subsection (e) without regard to this subsection; minus
(2) an amount equal to:
(A) the amount described in subdivision (1); multiplied by
(B) the result of the following formula:
(i) Determine the tax rate imposed by the school
corporation in 2006, 2007, and 2008 for the tuition support
levy under IC 6-1.1-19-1.5 (repealed) or IC 20-45-3-11
(repealed) for the school corporation's general fund plus
the tax rate imposed by the school corporation for the
school corporation's special education preschool fund,
divided by the aggregate tax rate imposed by the school
corporation in the year.
(ii) Divide the item (i) amount by three (3).
(i) The amounts deducted under subsections (g) and (h) shall be
deposited in a state fund, as directed by the budget agency. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.32; P.L.61-1991, SEC.5; P.L.68-1991, SEC.16; P.L.273-1999,
SEC.58; P.L.90-2002, SEC.303; P.L.192-2002(ss), SEC.129;
P.L.146-2008, SEC.351.
IC 6-5.5-8-3 Guaranteed and supplemental distributions; certified amounts
Sec. 3. (a) Before January 15, April 15, July 15, and November 15
of each year the department shall certify to the auditor of state the
amount of the next quarterly guaranteed distribution for counties.
Before July 15 of each year the department shall certify to the auditor
of state the amount of the August 1 supplemental distribution for
counties. The certified amounts shall be based on the best
information available to the department.
(b) In order to make the distributions required by this chapter, the
auditor of state shall draw warrants on the financial institutions tax
fund payable to the county, and the treasurer of state shall pay the
warrants. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.33.
IC 6-5.5-8-4 Appropriation
Sec. 4. There is appropriated from the financial institutions tax
fund an amount necessary to make the distributions required by this
chapter. As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8
Chapter 8. Financial Institutions Tax Fund
IC 6-5.5-8-1 Establishment; purpose; investment of money in fund; reversion
of funds
Sec. 1. (a) The financial institutions tax fund is established for the
purpose of making distributions to counties and for providing
revenue for state appropriations. The fund shall be administered by
the treasurer of state.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund. As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8-2 Quarterly distributions to counties; amount; supplemental
distributions
Sec. 2. (a) On or before February 1, May 1, August 1, and
December 1 of each year the auditor of state shall transfer to each
county auditor for distribution to the taxing units (as defined in
IC 6-1.1-1-21) in the county, an amount equal to one-fourth (1/4) of
the sum of the guaranteed amounts for all the taxing units of the
county. On or before August 1 of each year the auditor of state shall
transfer to each county auditor the supplemental distribution for the
county for the year.
(b) For purposes of determining distributions under subsection
(c), the department of local government finance shall determine a
state welfare allocation and tuition support allocation for each county
calculated as follows:
(1) The state welfare allocation for each county equals the
greater of zero (0) or the amount determined under the
following formula:
STEP ONE: For 1997, 1998, and 1999, determine the result
of:
(i) the amounts appropriated by the county in the year for
the county's county welfare fund and county welfare
administration fund; divided by
(ii) the amounts appropriated by all the taxing units in the
county in the year.
STEP TWO: Determine the sum of the results determined in
STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the county under subsection (c) without
regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
STEP SIX: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the county in the year for the
county's county medical assistance to wards fund, family
and children's fund, children's psychiatric residential
treatment services fund, county hospital care for the
indigent fund, and children with special health care needs
county fund, plus, in the case of Marion County, the tax
rate imposed by the health and hospital corporation that
was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county unit in
the year plus, in the case of Marion County, the aggregate
tax rate imposed by the health and hospital corporation in
the year.
STEP SEVEN: Determine the sum of the STEP SIX
amounts.
STEP EIGHT: Divide the STEP SEVEN result by three (3).
STEP NINE: Determine the amount that would otherwise be
distributed to the county under subsection (c) without regard
to this subdivision.
STEP TEN: Determine the result of:
(i) the STEP EIGHT amount; multiplied by
(ii) the STEP NINE result.
STEP ELEVEN: Determine the sum of the STEP FIVE
amount and the STEP TEN amount.
(2) The tuition support allocation for each school corporation
equals the greater of zero (0) or the amount determined under
the following formula:
STEP ONE: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the school corporation in the
year for the tuition support levy under IC 6-1.1-19-1.5
(repealed) or IC 20-45-3-11 (repealed) for the school
corporation's general fund plus the tax rate imposed by the
school corporation for the school corporation's special
education preschool fund; divided by
(ii) the aggregate tax rate imposed by the school
corporation in the year.
STEP TWO: Determine the sum of the results determined
under STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the school corporation under subsection (c)
without regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
(3) The state welfare allocation and tuition support allocation
shall be deducted from the distributions otherwise payable
under subsection (c) to the county taxing unit and school
corporations in the county and shall be deposited in a fund, as
directed by the budget agency.
(c) A taxing unit's guaranteed distribution for a year is the greater
of zero (0) or an amount equal to:
(1) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; minus
(2) the amount to be received by the taxing unit in the year of
the distribution, as determined by the department of local
government finance, from property taxes attributable to the
personal property of banks, exclusive of the property taxes
attributable to personal property leased by banks as the lessor
where the possession of the personal property is transferred to
the lessee; minus
(3) in the case of a taxing unit that is a county, the amount that
would have been received by the taxing unit in the year of the
distribution, as determined by the department of local
government finance from property taxes that:
(A) were calculated for the county's county welfare fund and
county welfare administration fund for 2000 but were not
imposed because of the repeal of IC 12-19-3 and IC 12-19-4;
and
(B) would have been attributable to the personal property of
banks, exclusive of the property taxes attributable to
personal property leased by banks as the lessor where the
possession of the personal property is transferred to the
lessee.
(d) The amount of the supplemental distribution for a county for
a year shall be determined using the following formula:
STEP ONE: Determine the greater of zero (0) or the difference
between:
(A) one-half (1/2) of the taxes that the department estimates
will be paid under this article during the year; minus
(B) the sum of all the guaranteed distributions, before the
subtraction of all state welfare allocations and tuition
support allocations under subsection (b), for all taxing units
in all counties plus the bank personal property taxes to be
received by all taxing units in all counties, as determined
under subsection (c)(2) for the year.
STEP TWO: Determine the quotient of:
(A) the amount received under IC 6-5-10 (repealed) and
IC 6-5-11 (repealed) in 1989 by all taxing units in the
county; divided by
(B) the sum of the amounts received under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989 by all taxing
units in all counties.
STEP THREE: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the amount determined in STEP TWO.
STEP FOUR: Determine the greater of zero (0) or the
difference between:
(A) the amount of supplemental distribution determined in
STEP THREE for the county; minus
(B) the amount of refunds granted under IC 6-5-10-7
(repealed) that have yet to be reimbursed to the state by the
county treasurer under IC 6-5-10-13 (repealed).
For the supplemental distribution made on or before August 1 of
each year, the department shall adjust the amount of each county's
supplemental distribution to reflect the actual taxes paid under this
article for the preceding year.
(e) Except as provided in subsections (g) and (h), the amount of
the supplemental distribution for each taxing unit shall be determined
using the following formula:
STEP ONE: Determine the quotient of:
(A) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; divided by
(B) the sum of the amounts used in STEP ONE (A) for all
taxing units located in the county.
STEP TWO: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the supplemental distribution for the county, as
determined in subsection (d), STEP FOUR.
(f) The county auditor shall distribute the guaranteed and
supplemental distributions received under subsection (a) to the taxing
units in the county at the same time that the county auditor makes the
semiannual distribution of real property taxes to the taxing units.
(g) The amount of a supplemental distribution paid to a taxing
unit that is a county shall be reduced by an amount equal to:
(1) an amount equal to:
(A) the amount the county would receive under subsection
(e) without regard to this subsection; multiplied by
(B) the result of the following:
(i) Determine the amounts appropriated by the county in
1997, 1998, and 1999 for the county's county welfare fund
and county welfare administration fund, divided by the
otal amounts appropriated by all the taxing units in the
county in the year.
(ii) Divide the amount determined in item (i) by three (3);
plus
(2) the amount the county would receive under subsection (e)
without regard to this subsection multiplied by the result
determined under the following formula:
(A) Determine the result of:
(i) the tax rate imposed by the county in 2006, 2007, and
2008 for the county's county medical assistance to wards
fund, family and children's fund, children's psychiatric
residential treatment services fund, county hospital care
for the indigent fund, children with special health care
needs county fund, plus, in the case of Marion County, the
tax rate imposed by the health and hospital corporation
that was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county in the
year plus, in the case of Marion County, the aggregate tax
rate imposed by the health and hospital corporation in the
year.
(B) Divide the clause (A) amount by three (3).
(h) The amount of a supplemental distribution paid to a school
corporation shall be reduced by an amount equal to:
(1) the amount the school corporation would receive under
subsection (e) without regard to this subsection; minus
(2) an amount equal to:
(A) the amount described in subdivision (1); multiplied by
(B) the result of the following formula:
(i) Determine the tax rate imposed by the school
corporation in 2006, 2007, and 2008 for the tuition support
levy under IC 6-1.1-19-1.5 (repealed) or IC 20-45-3-11
(repealed) for the school corporation's general fund plus
the tax rate imposed by the school corporation for the
school corporation's special education preschool fund,
divided by the aggregate tax rate imposed by the school
corporation in the year.
(ii) Divide the item (i) amount by three (3).
(i) The amounts deducted under subsections (g) and (h) shall be
deposited in a state fund, as directed by the budget agency. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.32; P.L.61-1991, SEC.5; P.L.68-1991, SEC.16; P.L.273-1999,
SEC.58; P.L.90-2002, SEC.303; P.L.192-2002(ss), SEC.129;
P.L.146-2008, SEC.351.
IC 6-5.5-8-3 Guaranteed and supplemental distributions; certified amounts
Sec. 3. (a) Before January 15, April 15, July 15, and November 15
of each year the department shall certify to the auditor of state the
amount of the next quarterly guaranteed distribution for counties.
Before July 15 of each year the department shall certify to the auditor
of state the amount of the August 1 supplemental distribution for
counties. The certified amounts shall be based on the best
information available to the department.
(b) In order to make the distributions required by this chapter, the
auditor of state shall draw warrants on the financial institutions tax
fund payable to the county, and the treasurer of state shall pay the
warrants. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.33.
IC 6-5.5-8-4 Appropriation
Sec. 4. There is appropriated from the financial institutions tax
fund an amount necessary to make the distributions required by this
chapter. As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8
Chapter 8. Financial Institutions Tax Fund
IC 6-5.5-8-1 Establishment; purpose; investment of money in fund; reversion
of funds
Sec. 1. (a) The financial institutions tax fund is established for the
purpose of making distributions to counties and for providing
revenue for state appropriations. The fund shall be administered by
the treasurer of state.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund. As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8-2 Quarterly distributions to counties; amount; supplemental
distributions
Sec. 2. (a) On or before February 1, May 1, August 1, and
December 1 of each year the auditor of state shall transfer to each
county auditor for distribution to the taxing units (as defined in
IC 6-1.1-1-21) in the county, an amount equal to one-fourth (1/4) of
the sum of the guaranteed amounts for all the taxing units of the
county. On or before August 1 of each year the auditor of state shall
transfer to each county auditor the supplemental distribution for the
county for the year.
(b) For purposes of determining distributions under subsection
(c), the department of local government finance shall determine a
state welfare allocation and tuition support allocation for each county
calculated as follows:
(1) The state welfare allocation for each county equals the
greater of zero (0) or the amount determined under the
following formula:
STEP ONE: For 1997, 1998, and 1999, determine the result
of:
(i) the amounts appropriated by the county in the year for
the county's county welfare fund and county welfare
administration fund; divided by
(ii) the amounts appropriated by all the taxing units in the
county in the year.
STEP TWO: Determine the sum of the results determined in
STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the county under subsection (c) without
regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
STEP SIX: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the county in the year for the
county's county medical assistance to wards fund, family
and children's fund, children's psychiatric residential
treatment services fund, county hospital care for the
indigent fund, and children with special health care needs
county fund, plus, in the case of Marion County, the tax
rate imposed by the health and hospital corporation that
was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county unit in
the year plus, in the case of Marion County, the aggregate
tax rate imposed by the health and hospital corporation in
the year.
STEP SEVEN: Determine the sum of the STEP SIX
amounts.
STEP EIGHT: Divide the STEP SEVEN result by three (3).
STEP NINE: Determine the amount that would otherwise be
distributed to the county under subsection (c) without regard
to this subdivision.
STEP TEN: Determine the result of:
(i) the STEP EIGHT amount; multiplied by
(ii) the STEP NINE result.
STEP ELEVEN: Determine the sum of the STEP FIVE
amount and the STEP TEN amount.
(2) The tuition support allocation for each school corporation
equals the greater of zero (0) or the amount determined under
the following formula:
STEP ONE: For 2006, 2007, and 2008, determine the result
of:
(i) the tax rate imposed by the school corporation in the
year for the tuition support levy under IC 6-1.1-19-1.5
(repealed) or IC 20-45-3-11 (repealed) for the school
corporation's general fund plus the tax rate imposed by the
school corporation for the school corporation's special
education preschool fund; divided by
(ii) the aggregate tax rate imposed by the school
corporation in the year.
STEP TWO: Determine the sum of the results determined
under STEP ONE.
STEP THREE: Divide the STEP TWO result by three (3).
STEP FOUR: Determine the amount that would otherwise
be distributed to the school corporation under subsection (c)
without regard to this subdivision.
STEP FIVE: Determine the result of:
(i) the STEP FOUR amount; multiplied by
(ii) the STEP THREE result.
(3) The state welfare allocation and tuition support allocation
shall be deducted from the distributions otherwise payable
under subsection (c) to the county taxing unit and school
corporations in the county and shall be deposited in a fund, as
directed by the budget agency.
(c) A taxing unit's guaranteed distribution for a year is the greater
of zero (0) or an amount equal to:
(1) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; minus
(2) the amount to be received by the taxing unit in the year of
the distribution, as determined by the department of local
government finance, from property taxes attributable to the
personal property of banks, exclusive of the property taxes
attributable to personal property leased by banks as the lessor
where the possession of the personal property is transferred to
the lessee; minus
(3) in the case of a taxing unit that is a county, the amount that
would have been received by the taxing unit in the year of the
distribution, as determined by the department of local
government finance from property taxes that:
(A) were calculated for the county's county welfare fund and
county welfare administration fund for 2000 but were not
imposed because of the repeal of IC 12-19-3 and IC 12-19-4;
and
(B) would have been attributable to the personal property of
banks, exclusive of the property taxes attributable to
personal property leased by banks as the lessor where the
possession of the personal property is transferred to the
lessee.
(d) The amount of the supplemental distribution for a county for
a year shall be determined using the following formula:
STEP ONE: Determine the greater of zero (0) or the difference
between:
(A) one-half (1/2) of the taxes that the department estimates
will be paid under this article during the year; minus
(B) the sum of all the guaranteed distributions, before the
subtraction of all state welfare allocations and tuition
support allocations under subsection (b), for all taxing units
in all counties plus the bank personal property taxes to be
received by all taxing units in all counties, as determined
under subsection (c)(2) for the year.
STEP TWO: Determine the quotient of:
(A) the amount received under IC 6-5-10 (repealed) and
IC 6-5-11 (repealed) in 1989 by all taxing units in the
county; divided by
(B) the sum of the amounts received under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989 by all taxing
units in all counties.
STEP THREE: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the amount determined in STEP TWO.
STEP FOUR: Determine the greater of zero (0) or the
difference between:
(A) the amount of supplemental distribution determined in
STEP THREE for the county; minus
(B) the amount of refunds granted under IC 6-5-10-7
(repealed) that have yet to be reimbursed to the state by the
county treasurer under IC 6-5-10-13 (repealed).
For the supplemental distribution made on or before August 1 of
each year, the department shall adjust the amount of each county's
supplemental distribution to reflect the actual taxes paid under this
article for the preceding year.
(e) Except as provided in subsections (g) and (h), the amount of
the supplemental distribution for each taxing unit shall be determined
using the following formula:
STEP ONE: Determine the quotient of:
(A) the amount received by the taxing unit under IC 6-5-10
(repealed) and IC 6-5-11 (repealed) in 1989; divided by
(B) the sum of the amounts used in STEP ONE (A) for all
taxing units located in the county.
STEP TWO: Determine the product of:
(A) the amount determined in STEP ONE; multiplied by
(B) the supplemental distribution for the county, as
determined in subsection (d), STEP FOUR.
(f) The county auditor shall distribute the guaranteed and
supplemental distributions received under subsection (a) to the taxing
units in the county at the same time that the county auditor makes the
semiannual distribution of real property taxes to the taxing units.
(g) The amount of a supplemental distribution paid to a taxing
unit that is a county shall be reduced by an amount equal to:
(1) an amount equal to:
(A) the amount the county would receive under subsection
(e) without regard to this subsection; multiplied by
(B) the result of the following:
(i) Determine the amounts appropriated by the county in
1997, 1998, and 1999 for the county's county welfare fund
and county welfare administration fund, divided by the
otal amounts appropriated by all the taxing units in the
county in the year.
(ii) Divide the amount determined in item (i) by three (3);
plus
(2) the amount the county would receive under subsection (e)
without regard to this subsection multiplied by the result
determined under the following formula:
(A) Determine the result of:
(i) the tax rate imposed by the county in 2006, 2007, and
2008 for the county's county medical assistance to wards
fund, family and children's fund, children's psychiatric
residential treatment services fund, county hospital care
for the indigent fund, children with special health care
needs county fund, plus, in the case of Marion County, the
tax rate imposed by the health and hospital corporation
that was necessary to raise thirty-five million dollars
($35,000,000) from all taxing districts in the county;
divided by
(ii) the aggregate tax rate imposed by the county in the
year plus, in the case of Marion County, the aggregate tax
rate imposed by the health and hospital corporation in the
year.
(B) Divide the clause (A) amount by three (3).
(h) The amount of a supplemental distribution paid to a school
corporation shall be reduced by an amount equal to:
(1) the amount the school corporation would receive under
subsection (e) without regard to this subsection; minus
(2) an amount equal to:
(A) the amount described in subdivision (1); multiplied by
(B) the result of the following formula:
(i) Determine the tax rate imposed by the school
corporation in 2006, 2007, and 2008 for the tuition support
levy under IC 6-1.1-19-1.5 (repealed) or IC 20-45-3-11
(repealed) for the school corporation's general fund plus
the tax rate imposed by the school corporation for the
school corporation's special education preschool fund,
divided by the aggregate tax rate imposed by the school
corporation in the year.
(ii) Divide the item (i) amount by three (3).
(i) The amounts deducted under subsections (g) and (h) shall be
deposited in a state fund, as directed by the budget agency. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.32; P.L.61-1991, SEC.5; P.L.68-1991, SEC.16; P.L.273-1999,
SEC.58; P.L.90-2002, SEC.303; P.L.192-2002(ss), SEC.129;
P.L.146-2008, SEC.351.
IC 6-5.5-8-3 Guaranteed and supplemental distributions; certified amounts
Sec. 3. (a) Before January 15, April 15, July 15, and November 15
of each year the department shall certify to the auditor of state the
amount of the next quarterly guaranteed distribution for counties.
Before July 15 of each year the department shall certify to the auditor
of state the amount of the August 1 supplemental distribution for
counties. The certified amounts shall be based on the best
information available to the department.
(b) In order to make the distributions required by this chapter, the
auditor of state shall draw warrants on the financial institutions tax
fund payable to the county, and the treasurer of state shall pay the
warrants. As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.33.
IC 6-5.5-8-4 Appropriation
Sec. 4. There is appropriated from the financial institutions tax
fund an amount necessary to make the distributions required by this
chapter. As added by P.L.347-1989(ss), SEC.1.
