1. (a) The operations fund shall be used to deposit the following after December 31, 2018, in the case of a school corporation:

   1. (1) Revenue from the school corporation's operations fund property tax levy under IC 20-46-8 .

   2. (2) The sum of the following excise tax revenue received for deposit in the fund in the calendar year in which the school year begins:

      1. (A) Financial institutions excise tax ( IC 6-5.5 ).
      2. (B) Motor vehicle excise taxes ( IC 6-6-5 ).
      3. (C) Commercial vehicle excise taxes ( IC 6-6-5.5 ).
      4. (D) Boat excise tax ( IC 6-6-11 ).
      5. (E) Aircraft license excise tax ( IC 6-6-6.5 ).
   3. (3) Transfers from the education fund ( IC 20-40-2 ) or the operating referendum tax levy fund ( IC 20-40-3 ), if any.
   4. (4) Allocations of local income taxes to the school corporation under IC 6-3.6-6 , if any.
2. (b) In the case of a charter school, the operations fund shall be used to deposit amounts distributed to the charter school under IC 20-46-8-11.2 or IC 20-46-8-12 after December 31, 2024.

As added by P.L.244-2017, SEC.86. Amended by P.L.201-2023, SEC.186; P.L.68-2025, SEC.213.