§ 6-1.1-21.5-6 — Loan proceeds and delinquent tax payments; levy excess

Indiana § 6-1.1-21.5-6

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 21.5: Loans to Qualified Taxing Units

Text

(a) The receipt by the qualified taxing unit
of the loan proceeds is not considered to be part of the ad valorem
property tax levy actually collected by the qualified taxing unit for
taxes first due and payable during a particular calendar year for the
purpose of calculating the levy excess under IC 6-1.1-18.5-17 and IC 20-44-3. The receipt by the qualified taxing unit of any payment of
delinquent tax owed by a taxpayer in bankruptcy is considered to be
part of the ad valorem property tax levy actually collected by the
qualified taxing unit for taxes first due and payable during a particular
calendar year for the purpose of calculating the levy excess under IC 6-1.1-18.5-17 and IC 20-44-3.
(b) The loan proceeds and any payment of delinquent tax may be
expended by the qualified taxing unit only to pay debts of the qualified
taxing unit that have been incurred pursuant to duly adopted
appropriations approved by the department of local government finance
for operating expenses.
(c) In the event the sum of the receipts of the qualified taxing unit
that are attributable to:
(1) the loan proceeds; and
(2) the payment of property taxes owed by a taxpayer in a
bankruptcy proceeding initially filed in 2000 and payable in 2001;
exceeds sixteen million dollars ($16,000,000), the excess as received
during any calendar year or years shall be set aside and treated for the
calendar year when received as a levy excess subject to IC 6-1.1-18.5-17 or IC 20-44-3. In calculating the payment of property
taxes as provided in subdivision (2), the amount of property tax credit
finally allowed under IC 6-1.1-21-5 (before its repeal) in respect to
such taxes is considered a payment of such property taxes.
(d) As used in this section, "delinquent tax" means any tax owed by
a taxpayer in a bankruptcy proceeding initially filed in 2000 and that
is not paid during the calendar year for which it was first due and
payable.

Legislative History

As added by P.L.380-1987(ss), SEC.5. Amended by P.L.291-2001, SEC.210; P.L.90-2002, SEC.202; P.L.2-2006, SEC.60; P.L.146-2008, SEC.243.