(A) The County Council determines that, in order to promote the development of libraries in the county and thereby encourage economic development, it is necessary to increase the economic development income tax revenue to a rate of .15% to replace library property taxes in the county, pursuant to I.C. 6-3.5-7-23.
(B) The Hancock County Council increases for library purposes the County Economic Development Income Tax imposed upon the county taxpayers of the county from 0.10% to 0.15% Therefore the County Economic Development Income Tax is imposed at a rate of .15%.
(C) All of the revenue generated by this tax rate shall be deposited in the Library Property Tax Replacement Fund, and is designated to be used only to replace public library property taxes imposed by libraries in the county.
(D) The revenue in the Library Property Tax Replacement Fund shall be distributed according to I.C. 6-3.5-7-23, and shall be used to replace property taxes.
(Ord. 1999-5C, passed 5-12-99; Am. Ord. 2009-2B, passed 4-8-09; Am. Ord. 2010-10D, passed 10-13-10; Am. Ord. 2012-8B, passed 9-6-12; Am. Ord. 2014-6A, passed 8-6-14)
Editor’s note:
I.C. 6-3.5-7-23 was repealed by P.L. 243-2015, Sec. 8.