DLGF Publishes Memorandum on Changes to Cumulative Fund Establishment

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MEMORANDUM
TO: All Political Subdivisions

FROM: Brian E. Bailey, Commissioner
RE: Changes to Cumulative Fund Establishment
DATE: July 3, 2012
On March 19, 2012, Governor Mitch Daniels signed into law House Enrolled Act 1072 (“HEA 1072”), which modifies the process by which a political subdivision establishes a cumulative fund or modifies a cumulative fund tax rate.
Section 42 of HEA 1072 repeals IC 6-1.1-41-5, which had required the Department of Local Government Finance (“Department”) to require that a Notice of Submission be given to taxpayers when a political subdivision presented a proposal to the Department to establish a cumulative fund or modify a cumulative fund tax rate.

Now a political subdivision must, pursuant to IC 6-1.1-41-3 as amended by Section 41 of HEA 1072, publish a Notice of Adoption in accordance with IC 5-3-1-2(i) in a manner prescribed by the Department if the political subdivision adopts a proposal to establish a cumulative fund or modify a cumulative fund tax rate under IC 6-1.1-41-3.
These changes are effective July 1, 2012.
http://www.in.gov/dlgf/files/120703_-_Bailey_Memo_-_Cum_Fund_Notices.pdf