1. (a) This section applies to revenue received from a resolution that is approved by the governing body to impose a referendum levy under section 8 or 8.5 of this chapter after May 10, 2023, for a school corporation located in:

   1. (1) Lake County;
   2. (2) Marion County;
   3. (3) St. Joseph County; or
   4. (4) Vanderburgh County.

2. (b) The county auditor in which the school corporation is located shall distribute an amount under subsection (d) to each charter school, excluding virtual charter schools or adult high schools, that a student who resides within the attendance area of the school corporation attends if the charter school elects to participate in the referendum under section 8(i) of this chapter. The department shall provide the county auditor with data and information necessary for the county auditor to determine:

   1. (1) which charter schools are eligible to receive a distribution under this section; and
   2. (2) the number of students who reside within the attendance area of the school corporation who are included in the ADM for each charter school, excluding virtual charter schools or adult high schools, described in subdivision (1).

3. (c) The following schools are not eligible to receive a distribution under this section:

   1. (1) A virtual charter school.
   2. (2) An adult high school.

4. (d) For the purposes of the calculations made in this subsection, each eligible school that has entered into an agreement with a school corporation to participate as a participating innovation network charter school under IC 20-25.7-5 is considered to have an ADM that is separate from the school corporation. The amount that the county auditor shall distribute to a charter school, excluding virtual charter schools or adult high schools, under this section is the amount determined in the last STEP of the following STEPS:

   1. (A) the current ADM count for the school corporation; plus

   2. (B) total number of all students who reside within the attendance area of the school corporation who are currently included in the ADM of a charter school, excluding virtual charter schools or adult high schools.

      STEP THREE: Determine the result of:

   3. (A) the STEP ONE amount; divided by

   4. (B) the STEP TWO amount.

      STEP FOUR: Determine the result of:

   5. (A) the STEP THREE amount; multiplied by
   6. (B) the amount collected by the county auditor during the most recent installment period.

   STEP ONE: Determine, for each charter school, excluding virtual charter schools or adult high schools, that is eligible to receive a distribution under this section, the number of students who reside within the attendance area of the school corporation who are currently included in the ADM of the charter school.

   STEP TWO: Determine the sum of:

As added by P.L.189-2023, SEC.34.