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DIGEST OF INTRODUCED BILL
Optional restoration of banked levies. Increases the maximum permissible levy for property taxes payable in 2006 to a taxing unit, other than a school corporation, by the product of the amount of unused levy authority that the taxing unit accumulated before the enactment of P.L.1-2004 (SEA 1) and P.L.23-2004 (HEA 1001) multiplied by the assessed value growth quotient. Allows only the part of the additional levy authority that is used in 2006 to be considered in setting maximum permissible levies in subsequent years.