Indiana Code 20-40-18-2 v2. Sources of revenue

Note: This version of section effective 7-1-2024. See also preceding version of this section, effective until 7-1-2024.

Sec. 2. (a) The operations fund shall be used to deposit the following after December 31, 2018, in the case of a school corporation:

Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Property: includes personal and real property. See Indiana Code 1-1-4-5
Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5

(1) Revenue from the school corporation’s operations fund property tax levy under IC 20-46-8.

(2) The sum of the following excise tax revenue received for deposit in the fund in the calendar year in which the school year begins:

(A) Financial institutions excise tax (IC 6-5.5).

(B) Motor vehicle excise taxes (IC 6-6-5).

(D) Boat excise tax (IC 6-6-11).

(E) Aircraft license excise tax (IC 6-6-6.5).

(3) Transfers from the education fund (IC 20-40-2) or the operating referendum tax levy fund (IC 20-40-3), if any.

(4) Allocations of local income taxes to the school corporation under IC 6-3.6-6, if any.

(b) The operations fund shall be used to deposit amounts distributed to the charter school under IC 20-46-8-11.2 after December 31, 2024.

As added by P.L.244-2017, SEC.86. Amended by P.L.201-2023, SEC.186.