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House Bill 1420


House Bill 1420

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1420 (Updated February 5, 2001 3:34 PM - DI 84)


Local option income tax for education. Allows a school corporation to adopt a local option income tax for education. Provides that the tax applies to individuals and to corporations that have net income for the taxable year. Provides that the tax may be imposed at a rate of not more than 0.25%. Provides that a school corporation may use the tax revenue only for the purpose of making employer contributions to the Indiana state teachers' retirement fund on behalf of the school corporation's employees who are members of that fund. Specifies that the county auditor shall each year reduce the general fund property tax levy of a school corporation receiving a distribution of local option income tax for education by an amount equal to the amount of the distribution.
Current Status:
 In Committee - 2nd House
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