Indiana Code 20-45-8-25. Distribution to school corporations
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Sec. 25. (a) The money received into the fund in any calendar year shall be paid to the qualified school corporations in accordance with their entitlements, determined in the immediately preceding calendar year, in the same manner as other tax distributions.
(c) If the tax receipts in the county school distribution fund in any calendar year are less than the total of the entitlements for any reason, on account of delinquencies in collection or otherwise, each entitlement shall be reduced in the same percentage so that the entire fund is exhausted.
(b) A qualified school corporation has the same rights to advance payments of a distribution from the fund as the qualified school corporation‘s right to advance payments of other property taxes.
Terms Used In Indiana Code 20-45-8-25
- 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.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- fund: means the county school distribution fund:
Indiana Code 20-45-8-6
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified school corporation: means a school corporation that has under its jurisdiction any territory that is located in the qualified county. See Indiana Code 20-45-8-10
- tax: means the county supplemental school financing property tax to be levied by the board of county commissioners of a qualifying county under this chapter. See Indiana Code 20-45-8-12
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(d) If the tax receipts in any calendar year are more than the total of the entitlements because of the collection of delinquencies for prior years, each entitlement shall be increased in the same percentage so that the entire fund is exhausted.
[Pre-2006 Recodification Citation: 21-2-13-8 part.]
As added by P.L.2-2006, SEC.168.