Full Text
Processed Collections from July 1, 2013 to June 30, 2014 under 6-3.5-7-11(b) Amount reported on individual income tax returns processed between July 1, 2013 and December 31, 2013 $2,988,642 Amount reported on individual income tax returns processed between January 1, 2014 and June 30, 2014** $29,276,815 Total FY 2014 Processed Collections $32,265,457 Adjustments allowed under IC 6-3.5-7-11 IC 6-3.5-7-11(d) Statutory adjustments for a negative balance $0 IC 6-3.5-7-11(e) Adjustment of clerical or mathematical errors in any prior year $0 IC 6-3.5-7-11(g) Adjustment for initial imposition, rate increase, or rate decrease $0 Total Adjustments $0 Total CY 2015 Certified Distribution after Adjustments†† $32,265,457 Breakdown of CY 2015 Certified Distribution after Adjustments CEDIT Base (distributive shares) $32,265,457 CEDIT for Correctional Facilities $0 CEDIT for Homestead Credits $0 Total CY 2015 Certified Distribution after Adjustments†† $32,265,457 CY 2015 Tax Rates IC 6-3.5-7-5 CEDIT Base 0.4000% IC 6-3.5-7-27 CEDIT for Correctional Facilities/Courthouse 0.0000% IC 6-3.5-7-26 CEDIT for Homestead Credits 0.0000% Total Tax Rate 0.4000% Calculation of Excess Balance under IC 6-3.5-7-17.3 Account balance as of December 31, 2012 $1,750,551 Estimated account balance for December 31, 2013 $2,636,825 Excess Account Balance to be Distributed in January 2015 Pursuant to IC 6-3.5-7-17.3 $0 This report has been prepared by the Indiana State Budget Agency pursuant to IC 6-3.5-7-11(c). All data based on certifications completed 9/30/2014. Rate changes not included in this certification are not reflected here. NOTE: The amount presented here will change if there is a rate change between September 30, 2014 and October 31, 2014. Allen Certified Distribution Calculation Breakdown County Economic Development Income Tax CY 2015 Certified Distributions Note: IC 6-3.5-7-17.3 requires an entity receiving a distribution of an excess balance to deposit that distribution in a Rainy Day Fund established under IC 36-1-8- 5.1. **NOTE: The amounts presented here changed from the reports released on August 29, 2014 due to the Department of Revenue's identification of taxpayer fraud. ---PAGE BREAK--- Processed Collections from July 1, 2012 to June 30, 2013 under 6-3.5-7-11(b) Processed Collections from July 1, 2013 to June 30, 2014 under 6-3.5-7-11(b) Amount reported on individual income tax returns processed between July 1, 2012 and December 31, 2012 $3,646,261 Amount reported on individual income tax returns processed between July 1, 2013 and December 31, 2013 $2,988,642 Effective tax rate for tax year 2011 0.4000% Effective tax rate for tax year 2012 0.4000% Processed Collections at 0.1% from July 1, 2012 to December 31, 2012 $911,565 Processed Collections at 0.1% from July 1, 2013 to December 31, 2013 $747,160 Processed Collections at 0.1% from January 1, 2013 to June 30, 2013 $29,139,426 Amount reported on individual income tax returns processed between January 1, 2014 and June 30, 2014** $29,276,815 Effective tax rate for tax year 2012 0.4000% Effective tax rate for tax year 2013 0.4000% Processed Collections at 0.1% from January 1, 2013 to June 30, 2013 $7,284,856 Processed Collections at 0.1% from January 1, 2014 to June 30, 2014 $7,319,204 IC 6-3.5-7-11(b) Total FY 2013 Processed Collections $32,785,687 IC 6-3.5-7-11(b) Total FY 2014 Processed Collections $32,265,457 Processed Collections at 0.1% from July 1, 2012 to June 30, 2013 $8,196,422 Processed Collections at 0.1% from July 1, 2013 to June 30, 2014 $8,066,364 Adjustments allowed under IC 6-3.5-7-11 Adjustments allowed under IC 6-3.5-7-11 IC 6-3.5-7-11(d) Statutory adjustments for a negative balance $0 IC 6-3.5-7-11(d) Statutory adjustments for a negative balance $0 IC 6-3.5-7-11(e) Adjustment of clerical or mathematical errors in any prior year $0 IC 6-3.5-7-11(e) Adjustment of clerical or mathematical errors in any prior year $0 IC 6-3.5-7-11(g) Adjustment for initial imposition, rate increase, or rate decrease $0 IC 6-3.5-7-11(g) Adjustment for initial imposition, rate increase, or rate decrease $0 Total Adjustments $0 Total Adjustments $0 Total CY 2014 Certified Distribution after Adjustments $32,785,687 Total CY 2015 Certified Distribution after Adjustments†† $32,265,457 Year Over Year Comparisons Percent change in total certified distributions from CY 2014 to CY 2015 -1.5868% Percent change in certified distribution that is due to a difference in the negative balance adjustment 0.0000% Percent change in certified distribution that is due to processed collections -1.5868% Percent change in certified distribution that is due to a rate change for CY 2015 distributions 0.0000% Total Percent Change in Certified Distribution -1.5868% **NOTE: The amounts presented here changed from the reports released on August 29, 2014 due to the Department of Revenue's identification of taxpayer fraud. NOTE: The amount presented here will change if there is a rate change between September 30, 2014 and October 31, 2014. Allen Explanation of Change from CY 2014 to CY 2015 County Economic Development Income Tax CY 2014 Certified Distributions CY 2015 Certified Distributions