Indiana Code 6-3.6-7-8.7. Fulton County; additional rate for jail and related buildings and parking facilities; use of additional revenue; county jail revenue fund
(b) Maintaining low property tax rates is essential to economic development, and the use of a tax under this section, as needed in the county, to carry out the purposes of this section, rather than the use of property taxes, promotes these purposes.
Terms Used In Indiana Code 6-3.6-7-8.7
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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) Finance, construct, acquire, improve, renovate, and equip a county jail and related buildings and parking facilities, including costs related to the demolition of existing buildings, the acquisition of land, and any other reasonably related costs.
(2) Pay bonds issued or leases entered into for the purposes described in subdivision (1).
(3) Operate and maintain the facilities described in subdivision (1).
(d) If the county council makes the determination set forth in subsection (c), the county council may adopt an ordinance to impose a local income tax rate on the adjusted gross income of local taxpayers that is the lesser of the following:
(1) Twenty-five hundredths percent (0.25%).
(2) The rate necessary to pay for the purposes described in subsection (c).
(e) The tax rate used to pay for the purposes described in subsection (c)(1) and (c)(2) may be imposed only until the latest of the following dates:
(1) The date on which the financing, construction, acquisition, improvement, renovation, and equipping of the facilities as described in subsection (c) are completed.
(2) The date on which the last of any bonds issued (including refunding bonds) or leases entered into to finance the construction, acquisition, improvement, renovation, and equipping of the facilities described in subsection (c) are fully paid.
(3) The date on which an ordinance adopted under subsection (d) is rescinded.
(f) The tax rate under this section may be imposed beginning in the year following the year the ordinance is adopted and until the date on which the ordinance adopted under this section is rescinded.
(g) The term of a bond issued (including any refunding bond) or a lease entered into under subsection (c) may not exceed twenty-five (25) years.
(h) The county treasurer shall establish a county jail revenue fund to be used only for the purposes described in this section. Local income tax revenues derived from the tax rate imposed under this section shall be deposited in the county jail revenue fund.
(i) Local income tax revenues derived from the tax rate imposed under this section:
(1) may be used only for the purposes described in this section;
(2) may not be considered by the department of local government finance in determining the county’s maximum permissible property tax levy limit under IC 6-1.1-18.5; and
(3) may be pledged to the repayment of bonds issued or leases entered into for the purposes described in subsection (c).
As added by P.L.184-2018, SEC.4.