HEA 1001-2013 Section 125 amended the FIT distribution statute IC 6-5.5-8-2 changing the timing and basis of the distributions. The FIT distributions will now be on December 1 and June 1. The total of the December and June FIT distributions will now be based on 40% of the previous state fiscal year FIT collections with one-half of the total distributed on December 1 and the remaining one-half distributed on June 1. The 40% of the FIT collections will be allocated between taxing units on the basis of the calendar year 2012 FIT Guaranteed Distribution amounts.
The December 2013 and June 2014 FIT distribution amounts have been calculated. Attached is a report of the distribution amounts.
The report is also on the Auditor of State website at www.in.gov/auditor Once you’re at the website click on Departments listed under Auditor’s Home on the left side of the home page. Under Departments click on Settlements. Under Settlements click on Financial Institutions Tax. Under Financial Institutions Tax click on FY 2014 FIT Distribution Amounts to open the report.
