Bill Text: IN HB1583 | 2011 | Regular Session | Amended
Bill Title: Exempt property eligibility for deductions.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Engrossed - Dead) 2011-03-31 - First reading: referred to Committee on Tax and Fiscal Policy [HB1583 Detail]
Download: Indiana-2011-HB1583-Amended.html
Citations Affected: IC 6-1.1.
Synopsis: Exempt property eligibility for deductions. Provides that the
credit for excessive residential property taxes and the following
property tax deductions are to be allowed in the year of a property
transfer if the property is determined to be exempt in the year following
the transfer year: (1) Homestead standard deduction. (2) Homestead
supplemental deduction. (3) Mortgage deduction. (4) Deduction for
persons 65 or older. (5) Deduction for veterans with a partial disability.
(6) Deduction for totally disabled veterans or veterans age 62 and
partially disabled. (7) Deduction for surviving spouses of veterans. (8)
Deduction for World War I veterans. (9) Deduction for rehabilitated
residential real property. (10) Deduction for rehabilitated property.
Effective: January 1, 2011 (retroactive).
January 20, 2011, read first time and referred to Committee on Ways and Means.
February 17, 2011, reported _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
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Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) the real property is not exempt from property taxation for the assessment date;
(2) title to the real property is transferred after the assessment date and on or before the December 31 that next succeeds the assessment date;
(3) the transferee of the real property applies for an exemption under IC 6-1.1-11 for the next succeeding assessment date; and
(4) the county property tax assessment board of appeals determines that the real property is exempt from property taxation for that next succeeding assessment date.
(b) For the assessment date referred to in subsection (a)(1), real
property is eligible for any deductions for which the transferor
under subsection (a)(2) was eligible for that assessment date under
the following:
(1) IC 6-1.1-12-1.
(2) IC 6-1.1-12-9.
(3) IC 6-1.1-12-11.
(4) IC 6-1.1-12-13.
(5) IC 6-1.1-12-14.
(6) IC 6-1.1-12-16.
(7) IC 6-1.1-12-17.4.
(8) IC 6-1.1-12-18.
(9) IC 6-1.1-12-22.
(10) IC 6-1.1-12-37.
(11) IC 6-1.1-12-37.5.
(c) For the payment date applicable to the assessment date
referred to in subsection (a)(1), real property is eligible for the
credit for excessive residential property taxes under IC 6-1.1-20.6
for which the transferor under subsection (a)(2) would be eligible
for that payment date if the transfer had not occurred.
