| Articles for
July 11, 2007 |
| Circuit Breaker Changes Bring Good News – But Some Will Still See Revenue Loss |
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This article is the third in a series about recent changes to property taxes and revenue streams enacted in the 2007 Indiana General Assembly. We thank Buddy Downs and Karen Arland from Ice Miller LLP for their research and insights.
Before the property tax circuit breaker provisions enacted by the Indiana General Assembly in 2006 could go into effect, they were altered in the 2007 session. A circuit breaker puts a cap on property taxes for certain taxpayers. Circuit breaker credits are deducted proportionally from the revenue flowing to each entity in the taxing district, except for school tuition support funds. Redevelopment commissions can also exempt tax increment replacement levies for the tax credit.
To read the full article, please click on Full Article below. |
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| Accurately Allocating Shared Expenses May Benefit Your General Fund |
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 Cities and towns across the state will soon gear up to prepare budgets. It appears that local finances are going to be tight once again and property tax disbursements may be delayed. In light of this situation, it is even more important for your community to make certain that budgeted expenses are properly allocated between the general fund and your community's utilities.
To read the full article, please click on Full Article below. |
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CIRCULAR 230 DISCLOSURE:
To ensure compliance with recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties. |
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