Bill Text: IN SB0523 | 2011 | Regular Session | Enrolled
Bill Title: Commuter rail service fund.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Passed) 2011-05-18 - Effective 07/01/2011 [SB0523 Detail]
Download: Indiana-2011-SB0523-Enrolled.html
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
AN ACT to amend the Indiana Code concerning transportation.
(1) the indefinite-situs distributable property of railroad car companies; and
(2) the distributable property of a railroad company that provides service within a commuter transportation district established under IC 8-5-15 and utilizes electricity to power substantially all of its railroad passenger cars.
The department of local government finance shall compute the tax on a railroad car company's indefinite-situs distributable property based upon the average property tax rate in this state. The average property tax rate in this state for a year equals (A) the total of the property taxes in this state that will come due during that year divided by (B) the total net assessed valuation of property in this state for the preceding year's assessment. The department of local government finance shall base its computation of the average property tax rate for a year upon information which is available to the department as of December 31 of the preceding year. The department of local government finance shall compute the tax on a railroad company's distributable property based upon the average property tax rate that is imposed by taxing districts that are located in any county in which a railroad company, that is
taxed under this section, provides railroad services. The average
property tax rate of taxing districts that are located in any county in
which a railroad company that is taxed under this section equals (i) the
total of the property taxes in those taxing districts that will come due
during that year divided by (ii) the total net assessed valuation of
property in those districts for the preceding year's assessment. The
department of local government finance shall base its computation on
the average property tax rate for a year upon information which is
available to the board as of December 31 of the preceding year.
(b) The department of local government finance shall certify the tax
it imposes on indefinite-situs distributable property of railroad car
companies and a railroad company's distributable property taxed under
this section to the department of state revenue. Each of those
companies shall pay the tax to the department of state revenue on or
before December 31of the year the assessment is made. If one (1) of
those companies does not pay the tax when it is due, the company shall
pay a penalty, in addition to the tax, equal to twenty-five percent (25%)
of the delinquent tax. When the tax imposed on indefinite-situs
distributable property of railroad car companies by this chapter
becomes delinquent, the department of state revenue shall proceed with
the collection of the delinquent tax and penalty in accordance with the
provisions of IC 6-8.1-8.
(c) The department of state revenue shall promptly deposit all
amounts collected under this section that are derived from
indefinite-situs distributable property of railroad car companies in the
state treasury for credit to the commuter rail service fund established
by IC 8-3-1.5-20.5 to be used exclusively for debt financing of the
commuter transportation district's long term capital needs. as provided
in IC 8-3-1.5-20.5(c).
(d) The department of state revenue shall promptly deposit all
amounts collected under this section from a railroad company in the
state treasury for credit to the electric rail service fund established by
IC 8-3-1.5-20.6.
(b) The money in the commuter rail service fund is appropriated for distribution to commuter transportation districts. However, before money is distributed to a district under this section, the governor must approve the distribution.
(c) A district that receives money under this section may use the money only for the maintenance, improvement, and operation of commuter rail service. Money that is deposited in the fund under IC 6-1.1-8-35(c) must be used:
(1) to satisfy any annual debt service and required debt service reserves; and
(2) if funds remain after all payments under subdivision (1) are made, and subject to the terms of any debt service agreement entered into by the district, to provide state matching funds for federal transportation capital grants.
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