Sec. 2. (a) On or before December 1 and June 1 of each year the state comptroller shall calculate and 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).
The state comptroller shall calculate the amounts of all distributions under this section.
(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.
(c) A taxing unit may deposit a distribution received under subsection (a) in any fund maintained by the taxing unit, and the distribution may be used for any purpose allowed by law.
(d) This subsection applies to a taxing unit that did not receive a guaranteed distribution under this chapter during calendar year 2012 because the taxing unit was subsequently established as a result of a merger or consolidation of two (2) or more taxing units that received a guaranteed distribution under this chapter during calendar year 2012. The amount of the guaranteed distribution used in the numerator of the fraction described in subsection (a)(2) equals the combined guaranteed distributions received during calendar year 2012 by each taxing unit that was subsequently merged or consolidated into the current taxing unit.
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; P.L.38-2021, SEC.47; P.L.9-2024, SEC.198; P.L.137-2024, SEC.14; P.L.120-2025, SEC.3.
