Sec. 4. (a) If the annual growth rate for the current reporting period exceeds two percent (2%), there is appropriated to the fund from the state general fund, for the state fiscal year beginning in the current calendar year, an amount equal to the product of:

(1) the total state general fund revenues for the state fiscal year ending in the current calendar year; multiplied by

Terms Used In Indiana Code 4-10-18-4

  • Current calendar year: means a calendar year during which a transfer to or from the fund is initially determined under sections 4 and 5 of this chapter. See Indiana Code 4-10-18-1
  • Current reporting period: means the most recent reporting period for which the following information is published by the bureau:

    Indiana Code 4-10-18-1

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the counter-cyclical revenue and economic stabilization fund established under this chapter. See Indiana Code 4-10-18-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reporting period: refers to a period of twelve (12) consecutive months. See Indiana Code 4-10-18-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) the remainder of:

(A) the annual growth rate for the current reporting period; minus

(B) two percent (2%).

     (b) If the annual growth rate for the current reporting period is less than a negative two percent (-2%), there is appropriated from the fund to the state general fund, for the state fiscal year beginning in the current calendar year, an amount equal to the amount determined in STEP TWO of the following formula:

STEP ONE: Determine the product of:

(A) the total state general fund revenues for the state fiscal year ending in the current calendar year; multiplied by

(B) negative one (-1).

STEP TWO: Determine the product of:

(A) the STEP ONE result; multiplied by

(B) the remainder of:

(i) the annual growth rate for the current reporting period; minus

(ii) negative two percent (-2%).

As added by Acts 1982, P.L.22, SEC.1. Amended by P.L.205-2013, SEC.58.

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