Sec. 1. (a) After the end of the state fiscal year beginning July 1, 2015, and ending June 30, 2016, and after the end of each odd-numbered state fiscal year thereafter, the office of management and budget shall calculate in the customary manner the total amount of state reserves as of the end of the state fiscal year. The office of management and budget shall make the calculation not later than July 31, 2016, and not later than July 31 of each odd-numbered year thereafter.
(b) The office of management and budget may not consider a balance in the state tuition reserve account established by IC 4-12-1-15.7 when making the calculation required by subsection (a) in 2017 and in an odd-numbered year thereafter.
(c) The office of management and budget shall consider a balance in the state tuition reserve account established by IC 4-12-1-15.7 when making the calculation required by subsection (a) in 2016.
(d) This subsection applies in 2022. After the end of the state fiscal year beginning July 1, 2021, and ending June 30, 2022, the office of management and budget shall calculate in the customary manner the total amount of state reserves as of the end of the state fiscal year. In making the calculation, the office of management and budget shall include a balance in the state tuition reserve account established by IC 4-12-1-15.7. The office of management and budget shall make the calculation of the combined reserve balance required by this subsection not later than July 31, 2022.
As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.2; P.L.205-2013, SEC.60; P.L.213-2015, SEC.40; P.L.146-2016, SEC.1; P.L.165-2021, SEC.38.
Structure Indiana Code
Title 4. State Offices and Administration
Article 10. State Funds Generally
Chapter 22. Use of Excess Reserves
4-10-22-1. Calculation of State Reserves
4-10-22-1.5. Transfer of Combined Reserves in 2022
4-10-22-2. Determination of Excess Reserves; Presentation to Budget Committee
4-10-22-3. Transfer of Excess Reserves
4-10-22-4. Refund of Excess Reserves to Taxpayers
4-10-22-4.5. Additional Automatic Taxpayer Refund Eligibility; Refundable Tax Credit Eligibility