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DIGEST OF INTRODUCED BILL
School general fund and transportation fund 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. Eliminates the authority of a school corporation to impose a transportation fund property tax levy. Terminates the authority of: (1) Lake County to impose a property tax for a county supplemental school distribution fund; (2) Dearborn County to impose a property tax for a county school distribution fund; and (3) a school corporation in Lake County to impose a property tax for a supplemental school operating reserve fund. Continues the authority of a school corporation to impose a property tax levy for certain public libraries, nursery schools, historical societies, art associations, cultural institutions, public playgrounds, and the Children's Museum in Marion County. Appropriates the amount necessary to ensure that each school corporation will be eligible to receive for its general fund and transportation fund an amount at least equal to the amount that the school corporation received in the immediately preceding year. Provides a method for calculating the amount of financial institution taxes and excise taxes to be distributed to school corporations after the elimination of the school general fund and transportation fund property taxes. Recodifies provisions of current law concerning emergency loans.