House Bill 1616
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DIGEST OF INTRODUCED BILL
Local school funding. Eliminates the authority of a school corporation to impose a property tax for the school corporation's general fund that is due and payable after December 31, 2006. Imposes an income tax for schools. Requires taxes collected in a school corporation to be distributed to the school corporation. Establishes an expenditure limit for school corporations. Provides that a school corporation's income tax distributions may not exceed its expenditure limit. Provides for distributions to school corporations that are unable to raise the revenue permitted by their expenditure limits. Establishes a fiscal year budget cycle for school corporations. Requires the state board of accounts to establish a standardized accounting system for schools.
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| ||In Committee - first House|