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DIGEST OF INTRODUCED BILL
Prohibition against property taxation. Adds Article 10, Section 10.5 of the Constitution of the State of Indiana to prohibit the imposition of ad valorem property taxes by the general assembly or a political or municipal corporation. Strikes out Article 10, Section 1 (authorization to impose property taxes) and Article 13, Section 1 (municipal debt limitation based on the taxable value of property). Makes a conforming amendment to Article 8, Section 2. Establishes the effective date and requires the general assembly to provide by law revenue to pay, after property tax collections are terminated, obligations of a political or municipal corporation in Indiana to which the corporation pledged property tax revenue. This proposed amendment has not been previously agreed to by a general assembly.