Sec. 7. If:
(1) the bureau revises the state personal income figure it has previously reported for the twelve (12) month period preceding the current reporting period; and
(2) the revision is made after the transfer for the state fiscal year that begins in the current calendar year has initially been determined under section 5 of this chapter;
then the budget director shall adjust the transfer to reflect any increase or decrease in the growth rate used in initially determining that transfer. However, the total adjustments made under this section may not increase or decrease the initially determined transfer by an amount which exceeds one percent (1%) of the total general fund revenue used in determining the transfer. In addition, the last report of state personal income that the bureau makes before April 30 of the calendar year immediately following the current calendar year determines the final adjustment that may be made under this section with respect to that transfer.
As added by Acts 1982, P.L.22, SEC.1. Amended by P.L.205-2013, SEC.59.
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