CHAPTER 36.2. LEVY REPLACEMENT GRANT
IC 20-20-36.2
Chapter 36.2. Levy Replacement Grant
IC 20-20-36.2-1
"Credit"
Sec. 1. As used in this chapter, "credit" refers to a credit granted
under IC 6-1.1-20.6.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-2
"Circuit breaker replacement amount"
Sec. 2. As used in this chapter, "circuit breaker replacement
amount" refers to the amount determined under section 5 of this
chapter.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-3
"Grant"
Sec. 3. As used in this chapter, "grant" refers to a grant distributed
under this chapter.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-4
Eligibility for grant
Sec. 4. (a) Notwithstanding any other provision, a school
corporation is eligible for a grant under this chapter in a particular
year only if for that year the school corporation's total property tax
revenue is expected to be reduced by more than two percent (2%)
because of the application of credits in that year.
(b) Subject to subsection (a), an eligible school corporation is
entitled to a grant in:
(1) 2009 equal to the eligible school corporation's circuit
breaker replacement amount for property taxes imposed for the
March 1, 2008, and January 15, 2009, assessment dates; and
(2) 2010 equal to the eligible school corporation's circuit
breaker replacement amount for property taxes imposed for the
March 1, 2009, and January 15, 2010, assessment dates.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-5
Amount of grant
Sec. 5. (a) An eligible school corporation's circuit breaker
replacement amount for 2009 is equal to the result determined under
STEP FOUR of the following formula:
STEP ONE: Determine the amount of credits granted against
the eligible school corporation's combined levy for the eligible
school corporation's debt service fund, capital projects fund,
transportation fund, school bus replacement fund, and racial
balance fund.
STEP TWO: Determine the sum of the STEP ONE amounts for
all eligible school corporations in Indiana.
STEP THREE: Divide the lesser of the STEP TWO amount or
forty million dollars ($40,000,000) by the STEP TWO amount,
rounding to the nearest ten thousandth (0.0001).
STEP FOUR: Multiply the STEP THREE result by the STEP
ONE amount, rounding to the nearest dollar ($1).
(b) An eligible school corporation is entitled to a grant under this
chapter in a calendar year. The grant is equal to the eligible school
corporation's circuit breaker replacement amount, as determined for
calendar year 2010. An eligible school corporation's circuit breaker
replacement amount for 2010 is equal to the result determined under
STEP SIX of the following formula:
STEP ONE: Determine the amount of credits granted against
the eligible school corporation's combined levy for the school
corporation's debt service fund, capital projects fund,
transportation fund, school bus replacement fund, and racial
balance fund.
STEP TWO: Determine an amount equal to two percent (2%)
of the school corporation's total combined property tax levy for
2010, rounded to the nearest one dollar ($1).
STEP THREE: Determine the greater of zero (0) or the result of
the STEP ONE amount minus the STEP TWO amount.
STEP FOUR: Determine the sum of the STEP THREE amounts
for all eligible school corporations in Indiana.
STEP FIVE: Determine the result of the lesser of:
(A) one (1); or
(B) the result of sixty million dollars ($60,000,000) divided
by the STEP FOUR amount, rounding to the nearest ten
thousandth (0.0001).
STEP SIX: Multiply the STEP FIVE result by the STEP
THREE amount, rounding to the nearest dollar ($1).
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),
SEC.306.
IC 20-20-36.2-6
Administration by department
Sec. 6. The department shall administer the grant program.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-7
Certification by budget agency of circuit breaker replacement
amount
Sec. 7. (a) Not later than July 30 of a calendar year, the budget
agency shall certify to the department an initial estimate of the circuit
breaker replacement amount attributable to each school corporation
for the calendar year.
(b) Not later than November 1 of a calendar year, the budget
agency shall certify to the department a final estimate of the circuit
breaker replacement amount attributable to each eligible school
corporation for the calendar year.
(c) The budget agency shall compute an amount certified under
this section using the best information available to the budget agency
at the time the certification is made.
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),
SEC.307.
IC 20-20-36.2-8
Distribution of grants
Sec. 8. Subject to section 9 of this chapter, the department shall
distribute a grant to an eligible school corporation equal to fifty
percent (50%) of the eligible school corporation's estimated circuit
breaker replacement amount for the calendar year in two (2)
installments.
As added by P.L.1-2009, SEC.120. Amended by P.L.182-2009(ss),
SEC.308.
IC 20-20-36.2-9
Settlement of overpayment or underpayment
Sec. 9. Based on the final estimate of the circuit breaker
replacement amount certified to the department by the budget
agency, the department shall settle any overpayment or
underpayment of circuit breaker replacement amounts to an eligible
school corporation. The department may offset overpayments of
circuit breaker replacement amounts for a particular calendar year
against:
(1) a grant; or
(2) state tuition support distribution;
that the eligible school corporation would otherwise be entitled to
receive.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-10
Deposit and use of grants
Sec. 10. An eligible school corporation shall deposit and use the
amount received from a grant as follows:
(1) An amount equal to the revenue lost to the eligible school
corporation's debt service fund as the result of the granting of
credits shall be deposited in the eligible school corporation's
debt service fund for purposes of the debt service fund.
(2) Any part of a grant remaining after making the deposit
required under subdivision (1) may be deposited in any
combination of the eligible school corporation's capital projects
fund, transportation fund, school bus replacement fund, and
racial balance fund, as determined by the school corporation.
As added by P.L.1-2009, SEC.120.
IC 20-20-36.2-11
Expiration of chapter
Sec. 11. This chapter expires January 1, 2011.
As added by P.L.182-2009(ss), SEC.309.