Local Option Income Tax Trust Fund March 2016 Update

Date of Record: 03/22/16 14:05

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Content <h2><span style="font-family: arial, helvetica, sans-serif; font-size: 11pt;">Local Option Income Tax Trust Fund March 2016 Update</span></h2> <p>Senate Enrolled Act 67 passed this session to distribute the balance of the Local Option Income Tax Trust Fund maintained by the state on behalf of local units. This money represents the accumulation of LOIT revenue that was collected above and beyond the estimated amount that is actually distributed in any given year. Therefore, this is money raised at the local level but held at the state until the Trust Fund for an individual unit equaled 50&nbsp;percent&nbsp;of that unit&rsquo;s annual LOIT revenue.</p> <p>Under prior law, the 50&nbsp;percent&nbsp;would be maintained in trust and no mechanism existed to get that money returned to the local unit. SEA 67 distributes 100 percent of the Trust Fund balance on December 31, 2014, and lowers the Trust&rsquo;s threshold to 15 percent in future years. As a result, nearly $505 million will be distributed to counties, municipalities, libraries, schools, and townships. For counties and municipalities, this money is subject to requirements for how it may be spent. 75 percent of each unit's distribution must be spent on road infrastructure or placed in the Rainy Day fund. The other 25 percent may be spent on any legal purpose. Be sure to attend the <a href="https://www.indianacounties.org/department/division.php?structureid=82" target="_blank">AIC District Meetings</a> to hear more about these funds and how they may be spent!</p> <p><a href="/egov/apps/document/center.egov?view=item;id=1889" title="SEA 67 Allocations March 2016">Click here to view SEA 67 Allocations</a></p>
Created By <a href="mailto:" title="Avery, Karen">Karen Avery</a>
Created On 03/22/16 14:05
Current Date 2017-03-28
Current Time Tue, Mar 28, 2017 13:45
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Current Year 2017
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Item Name Local Option Income Tax Trust Fund March 2016 Update
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Keywords: SEA 67 Allocations


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