RESOLUTION PROPOSING AN ORDINANCE TO MODIFY THE MONROE COUNTY LOCAL INCOME TAX RATE, ALLOCATE THE ADDITIONAL REVENUES TO ECONOMIC DEVELOPMENT AND CAST VOTES IN FAVOR OF THE ORDINANCE
Resolution 22-09 proposes an ordinance to the Monroe County Local Income Tax Council that would impose an economic development tax rate (“EDIT”). The Monroe County Local Income Tax Council is the body that must approve modifications to the Local Income Tax, and it consists of four member-fiscal bodies: (1) the City of Bloomington Common Council; (2) the Monroe County Council; (3) the Town of Ellettsville Town Council; and (4) the Town of Stinesville Town Council. This Resolution would cast some percentage of the City of Bloomington’s votes on the Monroe County Local Income Tax Council in favor of the Ordinance modifying the Local Income Tax to impose an EDIT, depending on the votes of the individual members of the City of Bloomington Common Council. Note: At its May 4, 2022 Regular Session, the Council adopted Amendment 01 to Resolution 22- 09, which reduced the proposed Economic Development Income Tax rate from .855% to .69% and revised the total expenditure tax rate to reflect this reduction.