(A) (1) The County Council increases the economic development income tax rate imposed on the county taxpayers of the county, from 0.07% to 0.27%. This tax takes effect July 1 of this year (2004).
(2) The original county economic development tax rate of 0.07%, imposed by the County Council on March 3, 2003, shall remain as the rate imposed pursuant to I.C. 6-3.5-7-5(p), which is the allowed amount necessary to mitigate the increased ad valorem property taxes on homesteads, (as defined in I.C. 6-1.1-12-37) resulting from:
(a) The deduction of the assessed value of inventory in the county, authorized by virtue of an Ordinance of the County Council adopted on December 30, 2002 and effective as to the inventory assessed in years 2003, 2004 and 2005; and
(b) The deduction of the assessed value of inventory in the county by virtue of the statewide deduction of inventory pursuant to I.C. 6-1.1-12-42.
(3) The county economic income tax rate authorized by the County Council on March 3, 2003 and referenced in this division (A) shall be administered and applied as set forth in the state statutes, and this section.
(4) The amount of the county income tax rate imposed that exceeds the maximum rate applicable under I.C. 6-3.5-7-5(b) and the combined rates of the county economic development income tax and county adjusted gross income tax applicable under I.C. 6-3.5-7-5(c), are imposed pursuant to I.C. 6-3.5-7-5(p) and shall be administered consistent with I.C. 6-3.5-7-5(p) and I.C. 6-3.5-7-5(q).
(5) The revenue deposited into the County Economic Development Income Tax Fund which results from the increase in the county economic development tax rate authorized by this section shall be used, upon appropriation by the County Council, as set forth in I.C. 6-3.5-7-13.1, except that not more than 5% of revenues shall be used to support the County Economic Development Corporation.
(6) The Auditor shall record all votes taken on ordinances presented under the authority of I.C. 6-3.5-7 and shall, not more than ten days after the vote, send a certified copy of the results to the Commissioner of Department of State Revenue, by certified mail.
(B) Distribution of certified shares from the county economic development income tax pursuant to I.C. 6-3.5-7-12b(c).
(1) The certified distribution made by the County Auditor for the revenue derived from the collection of county economic development income tax pursuant to I.C. 6-3.5-7-12b(c).
(2) Providing property tax relief shall take the form designated by the Morgan County Council.
(3) This section does not apply to distributions made by the County Auditor under I.C. 6-3.5-7-26, which set forth the distributions to be made for the homestead credit replacement portion of the county economic development tax.
(4) This section shall be effective beginning January 1, 2005.
(5) The Auditor shall record all votes taken on ordinances presented under the authority of I.C. 6-3.5-7 and shall, not more than ten days after the vote, send a certified copy of the results to the Commissioner of Department of State Revenue, by certified mail.
(C) To provide for the allocation of homestead credits pursuant to I.C. 6-3.5-7-26(c)(3)(b). Reserved.
(Ord. 1-2-20.1, passed 3-15-2004; Ord. 1-2-20.2, passed 6-7-2004; Ord. 1-2-20.3, passed 12-19-2005)