2.
(a)This section applies only to revenue
collected after June 30, 2024, and before January 1, 2028, from a tax
levy imposed under this chapter by a school corporation located in:
(4)Vanderburgh County.
However, this section does not apply to, and distributions are not
required for, a school corporation that is designated as a distressed
political subdivision under IC 6-1.1-20.3.
(b)For distributions made in:
(1)calendar year 2025, and subject to subsection (c); and
(2)calendar years 2026 and 2027, and subject to subsections (c),
(h), and (i);
the county auditor shall distribute to each charter school that is eligible
for a distribution under subsection (d), and as provided under
subsection (f), an amount of revenue receiv
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2. (a) This section applies only to revenue
collected after June 30, 2024, and before January 1, 2028, from a tax
levy imposed under this chapter by a school corporation located in:
(1) Lake County;
(2) Marion County;
(3) St. Joseph County; or
(4) Vanderburgh County.
However, this section does not apply to, and distributions are not
required for, a school corporation that is designated as a distressed
political subdivision under IC 6-1.1-20.3.
(b) For distributions made in:
(1) calendar year 2025, and subject to subsection (c); and
(2) calendar years 2026 and 2027, and subject to subsections (c),
(h), and (i);
the county auditor shall distribute to each charter school that is eligible
for a distribution under subsection (d), and as provided under
subsection (f), an amount of revenue received from a tax levy imposed
by a school corporation under this chapter that is attributable to the
territory of the school corporation that is located within the boundaries
of a county listed in subsection (a).
(c) The following schools are not eligible to receive a distribution
under this section:
(1) A virtual charter school.
(2) An adult high school.
(d) Not later than March 1, 2025, January 1, 2026, and January 1,
2027, the department, in consultation with the department of local
government finance, shall determine the corresponding percentages of
revenue received from the tax levy that are attributable to the territory
of the school corporation that is located within the boundaries of a
county listed in subsection (a) and must be distributed among the
school corporation and each eligible charter school according to the
following formula:
STEP ONE: Determine each charter school that:
(A) is located in the same county as the school corporation; and
(B) provides not more than fifty percent (50%) virtual
instruction for its students.
STEP TWO: Determine, for each charter school described in
STEP ONE, the number of students who:
(A) have legal settlement within the school corporation;
(B) are currently included in the fall ADM for the charter
school; and
(C) receive not more than fifty percent (50%) virtual
instruction.
STEP THREE: Determine the sum of:
(A) the aggregate of the STEP TWO results for all applicable
charter schools; plus
(B) the fall ADM count for the school corporation for students
receiving not more than fifty percent (50%) virtual instruction.
STEP FOUR: For each charter school described in STEP ONE,
determine the result of:
(A) the applicable STEP TWO amount; divided by
(B) the STEP THREE amount;
expressed as a percentage.
STEP FIVE: Determine the sum of all the amounts computed
under STEP FOUR and subtract the result from one hundred
percent (100%).
(e) The department shall provide to the county auditor, immediately
after calculation under subsection (d):
(1) each charter school determined under STEP ONE of
subsection (d) and the charter school's corresponding percentage
calculated under STEP FOUR of subsection (d); and
(2) the percentage calculated under STEP FIVE of subsection (d)
for the school corporation.
(f) Subject to subsection (i), the county auditor shall distribute to the
school corporation and each applicable charter school the amount
determined, for each settlement period described in IC 6-1.1-27-1, in
the last STEP of the following STEPS:
STEP ONE: For each school corporation, determine a base
property tax levy amount calculated as:
(A) the sum of the school corporation's operations fund
property tax levies that are attributable to the territory of the
school corporation that is located within the boundaries of a
county listed in subsection (a) and collected under this chapter
for the applicable settlement period as described in IC 6-1.1-27-1 in calendar years 2021, 2022, and 2023; divided by
(B) three (3).
STEP TWO: For each school corporation, determine an
incremental property tax levy amount calculated as:
(A) the school corporation's operations fund property tax levy
collections that are attributable to the territory of the school
corporation that is located within the boundaries of a county
listed in subsection (a) for the applicable settlement period as
described in IC 6-1.1-27-1 in the current calendar year; minus
(B) the school corporation's base property tax levy collections
determined for the applicable settlement period as described in
IC 6-1.1-27-1 under STEP ONE.
STEP THREE: For the school corporation and each applicable
charter school, determine the result of:
(A) the sum of:
(i) the incremental amount determined under STEP TWO;
plus
(ii) any distribution amount withheld under subsection (i);
multiplied by
(B) the following percentage:
(i) In the case of an applicable charter school, the charter
school's percentage under STEP FOUR of subsection (d).
(ii) In the case of the school corporation, the school
corporation's percentage under STEP FIVE of subsection (d).
(g) Before August 15, 2025, and August 15, 2026, the department
shall provide to each school corporation and each eligible charter
school an estimate of the amount of property tax levy revenue the
school corporation and charter school are expected to receive under
this section based on the most recent fall ADM count.
(h) This subsection applies to distributions of property tax revenue
under this section in 2026 and 2027. In order to receive a distribution
under this section in 2026 and 2027, the governing body of an eligible
charter school shall, before October 15, 2025, and October 15, 2026,
adopt a budget for the current school year. Not later than ten (10) days
before its adoption, the budget must be fixed and presented to the
charter board in a public meeting in the county in which the charter
school is incorporated. A budget that is adopted under this subsection
must be submitted to the charter authorizer for review and to the
department of local government finance to be posted publicly on the
computer gateway under IC 6-1.1-17-3 not later than:
(1) to receive distributions in 2026, November 1, 2025; and
(2) to receive distributions in 2027, November 1, 2026.
In addition to the adopted budget, the governing body of the charter
school shall also submit to the charter authorizer, and to the department
of local government finance to be posted publicly on the computer
gateway under IC 6-1.1-17-3, the dates on which each requirement
under this subsection was met and a statement from the governing body
of the charter school attesting that those dates are true and accurate and
that the budget was properly adopted under this subsection.
(i) This subsection applies to distributions of property tax revenue
under this section in 2026 and 2027. If an eligible charter school does
not satisfy the requirements of subsection (h) to receive distributions
under this section during a calendar year, as determined by the
department of local government finance, the charter school may not
receive a distribution of property tax revenue in that calendar year and
the county auditor shall withhold the charter school's distribution
amount. The department of local government finance's determination
of compliance consists only of a confirmation that the adopted budget
and attestation statement are submitted not later than the applicable
date under subsection (h). Any distribution amount that must be
withheld from distribution to any particular charter school under this
subsection in:
(1) calendar year 2026 shall be added to the incremental amount
as described in STEP TWO of subsection (f) and distributed
among the school corporation and remaining charter schools
according to subsection (f) in calendar year 2027; and
(2) calendar year 2027 shall be added to the incremental amount
as described in STEP TWO of subsection (f) and distributed
among the school corporation and remaining charter schools
according to subsection (f) in calendar year 2027.