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DIGEST OF INTRODUCED BILL
Elimination of school general fund property taxes. Eliminates the authority of a school corporation to impose a general fund property tax levy for the general operation and maintenance of the school corporation beginning in 2004. Provides a property tax replacement credit for school general fund property taxes in 2001at 20%, 2002 at 50%, and 2003 at 80%. Continues the authority of a school corporation to impose a property tax levy for certain purposes.