Bill Text: IN HB1021 | 2019 | Regular Session | Enrolled

Bill Title: Education finance. Replaces references to pre-2019 school funds with references to conform to the education funding and accounting changes made by HEA 1009-2017 and HEA 1167-2018. Extends (through 2023) the ability in current law for a school corporation to allocate circuit breaker credits proportionately (without taking protected taxes into account) under certain circumstances. Provides that credits attributable to new debt incurred by the school corporation after June 30, 2019, shall not be included in determining the school corporation's eligibility to allocate circuit breaker credits proportionately. Provides that the amount of credits that the school corporation may allocate proportionately is determined based on a calculation of the percentage amount of credits granted against the school corporation's levy for its operations fund compared to the school corporation's levy for its operations fund. Provides for the calculation of the growth in the maximum levy for a school corporation's operation fund to be based on an assessed value growth quotient (AVGQ) using the average annual growth in net assessed value over the most recent three year period. Provides for a ceiling of 4% plus the statewide AVGQ and a floor of the statewide AVGQ. Removes a requirement concerning an estimate of: (1) the source of all revenue to be dedicated to a school corporation's proposed capital expenditures in the upcoming calendar year; and (2) the amount of property taxes to be collected in the upcoming calendar year and retained in the fund for capital expenditures proposed for a later year; from the format of a school corporation's capital expenditures plan. Provides for an adjustment to the Evansville Vanderburgh School Corporation operations fund levy for 2020 to fund a historical society supporting Bosse Field (The 2019 operations fund levy did not recognize the historical society fund levy that was imposed in 2018). Makes technical corrections. Requires a school corporation to submit to the department of local government finance's computer gateway the school corporation's: (1) capital projects expenditure plan; and (2) school bus replacement plan.

Spectrum: Bipartisan Bill

Status: (Passed) 2019-05-05 - Public Law 238 [HB1021 Detail]

Download: Indiana-2019-HB1021-Enrolled.pdf
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