Terms Used In Indiana Code 20-45-8-23

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• paying qualified school corporation: means any qualified school corporation in which the tax collected on the assessed valuation of the qualified school corporation exceeds the amount of the entitlement payable to the qualified school corporation under this chapter. See Indiana Code 20-45-8-8
• qualified school corporation: means a school corporation that has under its jurisdiction any territory that is located in the qualified county. See Indiana Code 20-45-8-10
• receiving qualified school corporation: means any qualified school corporation receiving an entitlement under this chapter that exceeds the amount of the tax collected on the assessed valuation of the qualified school corporation. See Indiana Code 20-45-8-11
• tax: means the county supplemental school financing property tax to be levied by the board of county commissioners of a qualifying county under this chapter. See Indiana Code 20-45-8-12