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Excluded Cities Expect Tax Funds This Week
(posted Feb 12)
Some monetary relief might be in sight for Speedway as the Department
of Local Government Finance (DLGF) said Speedway's share of the local option
income tax should be distributed to the town by Feb 16.
According to Cindy Land of the Marion County Treasurer's Office, the state
sent the funds but they did not say how it was to be distributed to the
entities. The treasurer's office is validating the information concerning
the public safety portion as to how the DLGF calculated the numbers. The
treasurer's office wants to understand the DLGF's method. Land is confident
that she can resolve the issue within the next two days in order to send
the money electronically to the excluded cities.
The local county option income tax came into existence in October 2007
after the City County Council, at the request of Mayor Bart Peterson, passed
the income tax to help fund $90 million for public safety. The tax rate
of .65 percent dedicates .45 percent to public safety.
Land explained although people were taxed based on income, the amount distributed
to Speedway and the other excluded cities is based on 2006 levies. She
said the amounts distributed will need to be adjusted after the 2007 reassessment
is completed. She said more than likely the 2007 figures will be bypassed
to use the 2008 assessments.
Land said the local entities have always received the county option income
tax by the 15th of each month.
As for the distributions of other property tax revenues to the local units,
DLGF Director of Communications Mary Jane Michalak said the "State
Auditor does not allow advancements on Property Tax Replacement Credits.
All money collected thus far has been distributed. This money will be distributed
as soon as it is available."
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