Redevelopment commission transfers.

Authors: Senator Luke Kenley

Digest

Provides that in the case of a tax increment financing allocation area established or reestablished after June 30, 2015, the governing body of a school corporation containing territory within the allocation area may, before August 1 of each year, adopt a resolution providing that property taxes must be transferred by the redevelopment commission to the school corporation in the following calendar year. Specifies that the amount of property taxes that must be transferred by the redevelopment commission to the school corporation in that year is equal to a percentage determined by the school corporation multiplied by the part of the property tax proceeds that are otherwise payable to the redevelopment commission and that are attributable to the school corporation's property tax rate for its transportation fund and the school corporation's property tax rate for its school bus replacement fund. Provides that money received by a school corporation from such a transfer must be deposited in the school corporation's transportation fund and the school corporation's school bus replacement fund.