Sec. 1.5. (a) After June 30, 2023, the county fiscal body may adopt an ordinance to increase the tax rate imposed under section 1 of this chapter by not more than an additional five percent (5%). If the county imposes the additional tax rate authorized by this section, the additional tax rate terminates on July 1, 2050.

     (b) If the county fiscal body adopts an ordinance under this section:

(1) it shall immediately send a certified copy of the ordinance to the department of state revenue; and

(2) the increase applies to transactions after the last day of the month in which the ordinance is adopted, if the county fiscal body adopts the ordinance on or before the fifteenth day of a month. If the county fiscal body adopts the ordinance after the fifteenth day of a month, the tax applies to transactions after the last day of the month following the month in which the ordinance is adopted.

The increase in the tax imposed under this section continues in effect unless the increase is rescinded.

     (c) The amounts received from an increase adopted under this section shall be deposited in the Lake County convention and event center reserve fund established by IC 36-7.5-7-10 to be used for the purposes of the Lake County convention and event center reserve fund.

     (d) This section expires July 1, 2050.

As added by P.L.195-2023, SEC.4.