Citations Affected: None (noncode).
Synopsis: Property tax deductions and credits. Permits an individual
who was eligible for but did not receive a property tax deduction or
homestead credit for taxes payable in 2003 to receive the benefit for
taxes payable in 2005.
Effective: Upon passage.
November 18, 2003, read first time and referred to Committee on Finance.
A BILL FOR AN ACT concerning taxation.
SECTION 1. [EFFECTIVE UPON PASSAGE] (a) For purposes of
this SECTION, "benefit" means:
(1) a credit under IC 6-1.1-20.9; or
(2) a deduction under any of the following:
(b) This SECTION applies to an individual who, with respect to a particular property:
(1) did not receive a benefit for property taxes first due and payable in 2002;
(2) met the eligibility criteria for the benefit under a section referred to in subsection (a) for property taxes first due and payable in 2003; and
(3) did not receive the benefit for property taxes first due and payable in 2003.
(c) Except as provided in subsection (e), an individual may:
(1) claim a benefit referred to in subsection (a)(1) by meeting the filing requirements of IC 6-1.1-20.9 ; and
(2) claim a benefit referred to in subsection (a)(2) by meeting the filing requirements of IC 6-1.1-12.
(d) The department of local government finance shall:
(1) prescribe forms; or
(2) issue instructions for the use of existing forms;
for filing a claim under subsection (c).
(e) With respect to real property, the filing requirements must be met before May 11, 2004. With respect to a mobile home that is not assessed as real property or a manufactured home that is not assessed as real property, the filing requirements must be met before March 2, 2005.
(f) The county auditor shall determine the individual's eligibility for a benefit under this SECTION. If the county auditor determines that an individual is eligible for a benefit under this SECTION with respect to a particular property, the county auditor shall:
(1) determine the amount by which the individual's property taxes payable in 2003 with respect to a property would have been reduced if the benefit had been applied for that year; and
(2) except as provided in subsection (g), apply the amount determined under subdivision (1) as a credit against the individual's property taxes payable in 2005 with respect to the property.
(g) The individual is entitled to a refund in the amount by which the amount determined under subsection (f)(1) exceeds the individual's property taxes payable in 2005 with respect to the property, determined before the application of the credit under subsection (f)(2). Before June 1, 2005, the county auditor shall, without:
(1) a refund claim from the individual; or
(2) an appropriation;
being required, issue a warrant to the individual payable from the county general fund for the amount due the individual under this subsection.
(h) A statement filed under this SECTION to obtain a benefit for property taxes first due and payable in 2005 applies for that
year and any succeeding year for which the benefit is allowed.
(i) Each year a person who is entitled under this SECTION to receive the homestead credit under IC 6-1.1-20.9 for property taxes first due and payable in 2005 is entitled for that year to the deduction under IC 6-1.1-12-37 from the assessed value of the real property that qualifies for the homestead credit.
(j) This SECTION expires January 1, 2006.
SECTION 2. An emergency is declared for this act.