Sec. 7.5. (a) This section applies to:
(1) local income tax distributions; and
(2) excise tax distributions;
made after December 31, 2009.
(b) For purposes of allocating local income tax distributions that are based on a taxing unit's allocation amount or that an adopting body allocates under IC 6-3.6-6 to economic development or excise tax distributions that are distributed based on the amount of a taxing unit's property tax levies, each participating unit in a territory is considered to have imposed a part of the property tax levy imposed for the territory. The part of the property tax levy imposed for the territory for a particular year that shall be attributed to a participating unit is equal to the amount determined in the following STEPS:
STEP ONE: Determine the total amount of all property taxes imposed by the participating unit in the year before the year in which a property tax levy was first imposed for the territory.
STEP TWO: Determine the sum of the STEP ONE amounts for all participating units.
STEP THREE: Divide the STEP ONE result by the STEP TWO result.
STEP FOUR: Multiply the STEP THREE result by the property tax levy imposed for the territory for the particular year.
As added by P.L.182-2009(ss), SEC.442. Amended by P.L.197-2016, SEC.147; P.L.247-2017, SEC.33.
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