Senate Bill 505
Introduced Senate Bill (S)
DIGEST
Local government finance. Appropriates $100,000,000 in 2016 and each year thereafter from the state general fund to be used to reduce school corporation transportation fund levies. Authorizes counties, cities, and towns to impose a separate property tax levy for an infrastructure fund. Provides that the maximum permissible levy for an infrastructure property tax levy is based on the amount of the reduction in school transportation fund levies. Specifies the infrastructure purposes for which money in an infrastructure fund may be used (after appropriation by the unit's fiscal body). Appropriates $200,000,000 in 2016 and each year thereafter from the state general
Local government finance. Appropriates $100,000,000 in 2016 and each year thereafter from the state general fund to be used to reduce school corporation transportation fund levies. Authorizes counties, cities, and towns to impose a separate property tax levy for an infrastructure fund. Provides that the maximum permissible levy for an infrastructure property tax levy is based on the amount of the reduction in school transportation fund levies. Specifies the infrastructure purposes for which money in an infrastructure fund may be used (after appropriation by the unit's fiscal body). Appropriates $200,000,000 in 2016 and each year thereafter from the state general
fund to provide circuit breaker replacement grants to school corporations that have circuit breaker reductions to their unprotected property tax levies of at least 10% or $1,000,000.
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