9.
(a)This subsection applies to credits
allocated before January 1, 2024. If:
(1)a school corporation after July 1, 2016, issues new bonds or
enters into a new lease rental agreement for which the school
corporation is imposing or will impose a debt service levy other
than:
(A)to refinance or renew prior bond or lease rental obligations
existing before January 1, 2017; or
(B)indebtedness that is approved in a local public question or
referendum under IC 6-1.1-20 or any other law; and
(2)the school corporation's:
(A)total debt service levy is greater than the school
corporation's total debt service levy in 2016; and
(B)total debt service tax rate is greater than the school
corporation's total debt service tax rate in 2016;
the school corporation is not eligible to allocate credits p
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9. (a) This subsection applies to credits
allocated before January 1, 2024. If:
(1) a school corporation after July 1, 2016, issues new bonds or
enters into a new lease rental agreement for which the school
corporation is imposing or will impose a debt service levy other
than:
(A) to refinance or renew prior bond or lease rental obligations
existing before January 1, 2017; or
(B) indebtedness that is approved in a local public question or
referendum under IC 6-1.1-20 or any other law; and
(2) the school corporation's:
(A) total debt service levy is greater than the school
corporation's total debt service levy in 2016; and
(B) total debt service tax rate is greater than the school
corporation's total debt service tax rate in 2016;
the school corporation is not eligible to allocate credits proportionately
under this section.
(b) This subsection applies to credits allocated after December 31,
2023. A school corporation is not eligible to allocate credits
proportionately under this section, if a school corporation after July 1,
2023, issues new bonds or enters into a new lease rental agreement for
which the school corporation is imposing or will impose a debt service
levy other than:
(1) to refinance or renew prior bond or lease rental obligations
existing before January 1, 2024, but only if the refinancing or
renewal is for a lower interest rate; or
(2) indebtedness that is approved in a local public question or
referendum under IC 6-1.1-20 or any other law.
(c) Subject to subsection (a) (before January 1, 2024) and
subsection (b) (after December 31, 2023), a school corporation is
eligible to allocate credits proportionately under this section for 2019,
2020, 2021, 2022, 2023, 2024, 2025, or 2026 if the school corporation's
percentage computed under this subsection is at least ten percent (10%)
for its operations fund levy as certified by the department of local
government finance. A school corporation shall compute its percentage
under this subsection as determined under the following formula:
STEP ONE: Determine the amount of credits granted under this
chapter against the school corporation's levy for the school
corporation's operations fund.
STEP TWO: Determine the amount of the school corporation's
levy that is attributable to new debt incurred after June 30, 2019,
but is not attributable to the debt service levy described in
subsection (a)(1)(B) (before January 1, 2024) or subsection (b)(2)
(after December 31, 2023).
STEP THREE: Determine the result of the school corporation's
total levy minus any referendum levy.
STEP FOUR: Subtract the STEP TWO amount from the STEP
THREE amount.
STEP FIVE: Divide the STEP FOUR amount by the STEP
THREE amount expressed as a percentage.
STEP SIX: Multiply the STEP ONE amount by the STEP FIVE
percentage.
STEP SEVEN: Determine the school corporation's levy for the
school corporation's operations fund.
STEP EIGHT: Divide the STEP SIX amount by the STEP SEVEN
amount expressed as a percentage.
The computation must be made by taking into account the requirements
of section 9.8 of this chapter regarding protected taxes and the impact
of credits granted under this chapter on the revenue to be distributed to
the school corporation's operations fund for the particular year.
(d) A school corporation that desires to be an eligible school
corporation under this section must, before May 1 of the year for which
it wants a determination, submit a written request for a certification by
the department of local government finance that the computation of the
school corporation's percentage under subsection (c) is correct. The
department of local government finance shall, not later than June 1 of
that year, determine whether the percentage computed by the school
corporation under subsection (c) is accurate and certify whether the
school corporation is eligible under this section.
(e) For a school corporation that is certified as eligible under this
section, the school corporation may allocate the effect of the credits
granted under this chapter proportionately among all the school
corporation's property tax funds that are not exempt under section
7.5(b) or 7.5(c) of this chapter, based on the levy for each fund and
without taking into account the requirements of section 9.8 of this
chapter regarding protected taxes as determined under the following
formula:
STEP ONE: Determine the product of:
(A) the percentage determined under STEP EIGHT of
subsection (c); multiplied by
(B) five (5).
STEP TWO: Determine the lesser of the STEP ONE percentage
or one hundred percent (100%).
STEP THREE: Determine the product of:
(A) the amount determined under STEP SIX of subsection (c);
multiplied by
(B) the STEP TWO percentage.
The school corporation may allocate the amount of credits determined
under STEP THREE proportionately under this section. The
department of local government finance shall include in its certification
of an eligible school corporation under subsection (d) the amount of
credits that the school corporation may allocate proportionately as
determined under this subsection.
(f) This section expires January 1, 2027.