Bill Text: IN SB0077 | 2010 | Regular Session | Introduced
Bill Title: State payment of certain local borrowing costs.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-05 - First reading: referred to Committee on Tax and Fiscal Policy [SB0077 Detail]
Download: Indiana-2010-SB0077-Introduced.html
Citations Affected: None (noncode).
Synopsis: State payment of certain local borrowing costs. Provides for
the reimbursement by the state of borrowing costs of a taxing unit in a
county if: (1) the department of local government finance ordered a
reassessment of real property for the assessment date in 2006; (2) the
billing of property taxes in the county in 2007 was late; and (3) as a
result, the taxing unit had to borrow for current operations.
Appropriates money from the state general fund to pay claims for
reimbursement.
Effective: Upon passage.
January 5, 2010, read first time and referred to Committee on Tax and Fiscal Policy.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT concerning taxation and to make an
appropriation.
(b) The definitions in IC 6-1.1 apply throughout this SECTION.
(c) As used in this SECTION, "borrowing costs of the taxing unit" means the following:
(1) Interest on the amount borrowed.
(2) All other expenses, other than the repayment of the principal amount borrowed, incurred by the taxing unit as a direct result of the borrowing.
(d) This SECTION applies if:
(1) for the assessment date in 2006 the department ordered a reassessment of real property in a county;
(2) real property assessments for the assessment date in 2006 were not available in time for the preparation and issuance of timely property tax statements in the county under IC 6-1.1-22 for property taxes first due and payable in 2007;
and
(3) the inability of the county to issue timely property tax
statements required one (1) or more taxing units in the county
to borrow money in 2007 to support current operations.
(e) Not later than June 15, 2010, the fiscal officer of a taxing unit
may file a written claim with the department for reimbursement of
the borrowing costs of the taxing unit:
(1) that are attributable to a borrowing referred to in
subsection (d)(3); and
(2) that:
(A) were incurred as of the date of the claim; or
(B) the fiscal officer expects to be incurred after the date of
the claim and before July 1, 2010.
(f) The department shall:
(1) review each claim filed under subsection (e) to determine
whether the claim qualifies for reimbursement under this
SECTION; and
(2) certify the amount of each approved claim to the auditor
of state.
(g) There is appropriated to the department of local government
finance from the state general fund for the state fiscal year
beginning July 1, 2009, and ending June 30, 2010, an amount
sufficient to make the distributions necessary to pay the claims
certified under subsection (f)(2). The auditor of state shall transfer
money to the department in amounts sufficient for the department
to pay the taxing units.
(h) This SECTION expires July 1, 2010.
