2023 Indiana Code › Title 20. Education › Article 46. Levies Other Than General Fund Levies › Chapter 8. School Corporation Operations Fund Property Tax Levy › 20-46-8-11.2. Sharing of Operations Fund Property Tax Levy With Eligible Charter Schools

Effective 7-1-2024.
Sec. 11.2. (a) This section applies only to revenue collected after June 30, 2024, from a tax levy imposed under this chapter by a school corporation located in:
(1) Lake County;
(2) Marion County;
(3) St. Joseph County; or
(4) Vanderburgh County.
However, this section does not apply to, and distributions are not required for, a school corporation that is designated as a distressed political subdivision under IC 6-1.1-20.3.
(b) Beginning in calendar year 2025, and each year thereafter, and subject to subsections (c) and (h), the county auditor shall distribute, as provided under subsection (f), an amount of revenue received from a tax levy imposed by a school corporation under this chapter to each charter school that is eligible for a distribution under subsection (d) and as set forth in subsection (f).
(c) The following schools are not eligible to receive a distribution under this section:
(1) A virtual charter school.
(2) An adult high school.
(d) Not later than thirty (30) days before the date that the county auditor distributes money for a school corporation's operations fund (IC 20-40-18) under IC 6-1.1-27, the department, in consultation with the department of local government finance, shall determine the corresponding percentages of revenue received from the tax levy that must be distributed among the school corporation and each eligible charter school according to the following formula:
STEP ONE: Determine each charter school that:
(A) is located in the same county as the school corporation; and
(B) provides not more than fifty percent (50%) virtual instruction for its students.
STEP TWO: Determine, for each charter school described in STEP ONE, the number of students who:
(A) have legal settlement within the school corporation;
(B) are currently included in the fall ADM for the charter school; and
(C) receive not more than fifty percent (50%) virtual instruction.
STEP THREE: Determine the sum of:
(A) the aggregate of the STEP TWO results for all applicable charter schools; plus
(B) the fall ADM count for the school corporation for students receiving not more than fifty percent (50%) virtual instruction.
STEP FOUR: For each charter school described in STEP ONE, determine the result of:
(A) the applicable STEP TWO amount; divided by
(B) the STEP THREE amount;
expressed as a percentage.
STEP FIVE: Determine the sum of all the amounts computed under STEP FOUR and subtract the result from one hundred percent (100%).
(e) The department shall provide to the county auditor, immediately after calculation under subsection (d), and in the form prescribed by the county auditor:
(1) each charter school determined under STEP ONE of subsection (d) and the charter school's corresponding percentage calculated under STEP FOUR of subsection (d); and
(2) the percentage calculated under STEP FIVE of subsection (d) for the school corporation.
(f) The county auditor shall distribute to the school corporation and each applicable charter school the amount determined in the last STEP of the following STEPS:
STEP ONE: For each school corporation, determine a base property tax levy amount calculated as:
(A) the sum of the school corporation's operations fund property tax levies imposed under this chapter in calendar years 2021, 2022, and 2023; divided by
(B) three (3).
STEP TWO: For each school corporation, determine an incremental property tax levy amount calculated as:
(A) the school corporation's operations fund property tax levy for the current calendar year; minus
(B) the school corporation's base property tax levy determined under STEP ONE.
STEP THREE: For the school corporation and each applicable charter school, determine the result of:
(A) the incremental amount determined under STEP TWO; multiplied by
(B) the following percentage:
(i) In the case of an applicable charter school, the charter school's percentage under STEP FOUR of subsection (d).
(ii) In the case of the school corporation, the school corporation's percentage under STEP FIVE of subsection (d).
(g) Before October 1, 2024, and before October 1 of each year thereafter, the department shall provide to each school corporation and each eligible charter school an estimate of the amount of property tax levy revenue the school corporation and charter school are expected to receive under this section.
(h) In order to receive a distribution under this section, the governing body of an eligible charter school shall, before November 1, 2024, and before November 1 of each year thereafter, adopt a budget for the school year. Not later than ten (10) days before its adoption, the budget must be fixed and presented to the charter board in a public meeting in the county in which the charter school is incorporated. A budget that is adopted under this subsection must be submitted to the charter authorizer for review and to the department of local government finance to be posted publicly on the computer gateway under IC 6-1.1-17-3.
(i) Before April 1, 2025, and before April 1 of each year thereafter, the county auditor shall provide each school corporation and each eligible charter school the actual amount of property tax levy revenue the school corporation and charter school are expected to receive under this section.
As added by P.L.201-2023, SEC.214.