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Senate Bill 0576


Senate Bill 0576

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


Property tax rate cap replacement grants. Provides grants from the state gaming fund to school corporations to replace property tax revenue not received because of the property tax rate cap. Annually appropriates to the department of education from the state gaming fund the amount necessary to make the grants. Provides that if a school corporation loses more than 33% of its property tax revenue because of the property tax rate cap, the school corporation qualifies for a levy replacement grant equal to 80% of the lost amount. Provides that if a school corporation loses 33% or less of its property tax revenue because of the property tax rate cap, the school corporation may apply for a grant in an amount determined by the department of local government finance.
    Current Status:
     In Committee - first House
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