(A) Modified income tax rates.
Allocation Rate Category
|
Existing LIT Rate
|
Proposed LIT Rate
|
Certified shares (I.C. 6-3.6-6) | 0.6000% | 0.6000% |
Public safety (I.C. 6-3.6-6) | 0.0000% | 0.0000% |
Economic development (I.C. 6-3.6-6) | 0.4000% | 0.4000% |
Property tax relief rate (I.C. 6-3.6-5) | 0.0000% | 0.0000% |
Correctional or rehabilitation facilities (I.C. 6-3.6-6-2.7) | 0.0000% | 0.2000% |
Total expenditure rate | 1.0000% | 1.2000% |
(B) Correctional and rehabilitation facilities.
(1) The revenues generated by the tax rate for correctional and rehabilitation facilities identified in division (A) above shall be directed to the Correctional Facilities and Rehabilitation Facilities Fund, which is hereby created pursuant to I.C. 6-3.6-6-2.7.
(2) The tax rate for correctional and rehabilitation facilities proposed in division (A) above will become effective on October 1, 2019, and will remain in effect until modified by ordinance of the Council.
(3) The rate imposed under I.C. 6-3.6-6-2.7, as amended from time to time, may not be in effect for more than any statutorily-limited time period, or until a date upon which all debt obligations and/or costs, or expenses associated with such debt obligations that are payable from revenues generated by the tax rate for correctional and rehabilitation facilities identified in division (A) above, have been paid and satisfied in full, whichever is sooner.
(Council Ord. 2019-01, passed 6-24-2019)