1. (a) Except as provided in subsection (b), beginning July 1, 2026, the corporation shall assume the powers and duties of the school city to impose a levy under IC 20-46-8 . Beginning with the January 1, 2027, assessment date, and for each assessment date thereafter, the corporation shall impose an annual property tax levy in the territory of the school city.
2. (b) Notwithstanding subsection (a), property tax revenue received from a tax levy imposed under IC 20-46-8 for assessment dates after December 31, 2026, shall be distributed to the school city and applicable charter schools in the manner provided under IC 20-46-8 .

As added by P.L.101-2026, SEC.12.