2015 Indiana Code TITLE 6. TAXATION ARTICLE 5.5. TAXATION OF FINANCIAL INSTITUTIONS CHAPTER 8. FINANCIAL INSTITUTIONS TAX FUND
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IC 6-5.5-8
Chapter 8. Financial Institutions Tax Fund
IC 6-5.5-8-1
Establishment; purpose; investment of money in fund; reversion of
funds
Sec. 1. (a) The financial institutions tax fund is established for the
purpose of making distributions to counties and for providing
revenue for state appropriations. The fund shall be administered by
the treasurer of state.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-8-2
Semiannual distributions to counties
Sec. 2. (a) On or before December 1 and June 1 of each year the
auditor of state shall transfer from the financial institutions tax fund
to each county auditor for distribution to the taxing units (as defined
in IC 6-1.1-1-21) in the county, an amount equal to fifty percent
(50%) of the sum of the distributions under this section for all the
taxing units of the county for the state fiscal year. The amount of a
taxing unit's distribution for the state fiscal year is equal to the result
of:
(1) an amount equal to forty percent (40%) of the total financial
institutions tax revenue collected during the preceding state
fiscal year; multiplied by
(2) a fraction equal to:
(A) the amount of the guaranteed distributions received by
the taxing unit under this chapter during calendar year 2012
(based on the best information available to the department);
divided by
(B) the total amount of all guaranteed distributions received
by all taxing units under this chapter during calendar year
2012 (based on the best information available to the
department).
(b) The county auditor shall distribute the distributions received
under subsection (a) to the taxing units in the county at the same time
that the county auditor makes the semiannual distribution of real
property taxes to the taxing units.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.32; P.L.61-1991, SEC.5; P.L.68-1991, SEC.16; P.L.273-1999,
SEC.58; P.L.90-2002, SEC.303; P.L.192-2002(ss), SEC.129;
P.L.146-2008, SEC.351; P.L.205-2013, SEC.125.
IC 6-5.5-8-3
Indiana Code 2015
Procedure for making semiannual distributions to counties
Sec. 3. (a) Before April 15 and October 15 of each year, the
auditor of state shall determine the amount of the next semiannual
distribution under section 2 of this chapter for counties. The amounts
determined by the auditor of state shall be based on the best
information available to the department.
(b) In order to make the distributions required by this chapter, the
auditor of state shall draw warrants on the financial institutions tax
fund payable to the county, and the treasurer of state shall pay the
warrants.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.33; P.L.205-2013, SEC.126.
IC 6-5.5-8-4
Appropriation
Sec. 4. There is appropriated from the financial institutions tax
fund an amount necessary to make the distributions required by this
chapter.
As added by P.L.347-1989(ss), SEC.1.
Indiana Code 2015
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