Bill Text: IN SB0523 | 2011 | Regular Session | Introduced
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-Introduced.html
Citations Affected: IC 6-1.1-8-35; IC 8-3-1.5-20.5.
Synopsis: Commuter rail service fund. Provides that a commuter
transportation district may use money deposited in the commuter rail
fund that is revenue derived from the taxation of indefinite-situs
distributable property of railroad car companies to: (1) satisfy any debt
service; and (2) provide state matching funds for federal transit capital
grants.
Effective: July 1, 2011.
January 18, 2011, read first time and referred to Committee on Appropriations.
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A BILL FOR 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.
the money in the fund at the end of any fiscal year does not revert to
any other fund. However, if the money in the fund at the end of any
fiscal year exceeds the total amount deposited in the fund during that
fiscal year and the immediately preceding fiscal year, the amount of the
excess shall be transferred to the state general fund.
(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 transit capital grants.
