Sec. 9. (a) This section applies to the allocation of additional revenue from a tax under this chapter for economic development purposes.

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Terms Used In Indiana Code 6-3.6-6-9

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • Population: has the meaning set forth in Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) Money designated for economic development purposes shall be allocated to the county, cities, and towns for use by the taxing unit’s fiscal body for any of the purposes described in IC 6-3.6-10. Except as provided in subsections (c) and (d) and IC 6-3.6-11, and subject to adjustment as provided in IC 36-8-19-7.5, the amount of the certified distribution allocated to economic development purposes that the county and each city or town in a county is entitled to receive each month of each year equals the amount determined using the following formula:

STEP ONE: Determine the sum of:

(A) the total property taxes being imposed by the county, city, or town during the calendar year preceding the distribution year; plus

(B) for a county, the welfare allocation amount.

STEP TWO: Determine the quotient of:

(A) The STEP ONE amount; divided by

(B) the sum of the total property taxes that are first due and payable to the county and all cities and towns of the county during the calendar year preceding the distribution year plus the welfare allocation amount.

STEP THREE: Determine the product of:

(A) the amount of the certified distribution allocated to economic development purposes for that month; multiplied by

(B) the STEP TWO amount.

     (c) The body imposing the tax may adopt an ordinance before August 2 of a year to provide for a distribution of the amount allocated to economic development purposes based on population instead of a distribution under subsection (b). The following apply if an ordinance is adopted under this subsection:

(1) The ordinance is effective January 1 of the following year.

(2) The amount of the certified distribution allocated to economic development purposes that the county and each city and town in the county are entitled to receive during each month of each year equals the product of:

(A) the amount of the certified distribution that is allocated to economic development purposes for the month; multiplied by

(B) the quotient of:

(i) for a city or town, the population of the city or the town that is located in the county and for a county, the population of the part of the county that is not located in a city or town; divided by

(ii) the population of the entire county.

(3) The ordinance may be made irrevocable for the duration of specified lease rental or debt service payments.

     (d) In a county having a consolidated city, only the consolidated city is entitled to the amount of the certified distribution that is allocated to economic development purposes.

As added by P.L.243-2015, SEC.10. Amended by P.L.149-2016, SEC.29; P.L.197-2016, SEC.53; P.L.247-2017, SEC.18.

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