§ 36-8-8.5-17 — Exemption from levy limits; taxes of civil taxing unit for pension benefits

Indiana § 36-8-8.5-17

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 8.5: Deferred Retirement Option Plan (DROP)

Text

(a) The ad valorem property tax levy limits
imposed by IC 6-1.1-18.5 do not apply to ad valorem property taxes
imposed by a civil taxing unit for a calendar year to pay pension
benefits under section 12(c) of this chapter to the extent provided in
subsection (b).
(b) For purposes of determining the property tax levy limit imposed
on a civil taxing unit under IC 6-1.1-18.5, the civil taxing unit's ad
valorem property tax levy for a calendar year does not include an
amount equal to the amounts paid by the civil taxing unit for pension
benefits in that calendar year under section 12(c) of this chapter,
minus:
(1) the amount of pension relief distributions under IC 5-10.3-11-4, IC 5-10.3-11-4.5 (repealed effective January 1,
2009), and IC 5-10.3-11-4.7 to be received by the civil taxing unit
in that calendar year that is attributable to pension benefits paid
under section 12(c) of this chapter for that calendar year; and
(2) an amount equal to the percentage of the civil taxing unit's
pension distributions that were relieved under IC 5-13-12-4 in the
preceding calendar year, multiplied by the amount of pension
benefits paid under section 12(c) of this chapter in that calendar
year.

Legislative History

As added by P.L.62-2002, SEC.5. Amended by P.L.1-2009, SEC.170.