Communities worried about loss of revenue can impose their own local option income taxes to cover shortfalls.
What does LOIT stand for?
LOIT stands for Local Option Income Taxes (Indiana)
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Samples in periodicals archive:
permitted counties to levy local option income taxes (CAGIT) with most of the revenue used to reduce property taxes; 3.
In anticipation of the decline in property tax revenues, city management was proactive in reducing expenditures and putting in place new or increased local option income taxes which have partially offset the decline in property tax revenues.