Introduced Version






SENATE BILL No. 460

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-1.1-12-17.4.

Synopsis: World War II veteran property tax deduction. Provides that World War II veterans are eligible for a property tax deduction in the same manner as World War I veterans.

Effective: January 1, 2004 (retroactive).





Meeks C




    January 13, 2004, read first time and referred to Committee on Finance.







Introduced

Second Regular Session 113th General Assembly (2004)


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 this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2003 Regular Session of the General Assembly.

SENATE BILL No. 460



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 6-1.1-12-17.4, AS AMENDED BY P.L.272-2003, SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2004 (RETROACTIVE)]: Sec. 17.4. (a) Except as provided in section 40.5 of this chapter, a World War I or World War II veteran who is a resident of Indiana is entitled to have the sum of nine thousand dollars ($9,000) deducted from the assessed valuation of the real property (including a mobile home that is assessed as real property), mobile home that is not assessed as real property, or manufactured home that is not assessed as real property the veteran owns or is buying under a contract that requires the veteran to pay property taxes on the real property, if the contract or a memorandum of the contract is recorded in the county recorder's office, if:
        (1) the real property, mobile home, or manufactured home is the veteran's principal residence;
        (2) the assessed valuation of the real property, mobile home, or manufactured home does not exceed one hundred sixty-three thousand dollars ($163,000); and


        (3) the veteran owns the real property, mobile home, or manufactured home for at least one (1) year before claiming the deduction.
    (b) An individual may not be denied the deduction provided by this section because the individual is absent from the individual's principal residence while in a nursing home or hospital.
    (c) For purposes of this section, if real property, a mobile home, or a manufactured home is owned by a husband and wife as tenants by the entirety, only one (1) deduction may be allowed under this section. However, the deduction provided in this section applies if either spouse satisfies the requirements prescribed in subsection (a).
    (d) An individual who has sold real property, a mobile home not assessed as real property, or a manufactured home not assessed as real property to another person under a contract that provides that the contract buyer is to pay the property taxes on the real property, mobile home, or manufactured home may not claim the deduction provided under this section with respect to that real property, mobile home, or manufactured home.
    SECTION 2. [EFFECTIVE JANUARY 1, 2004 (RETROACTIVE)] (a) The definitions in IC 6-1.1-1 apply throughout this SECTION.
    (b) IC 6-1.1-12-17.4, as amended by this act, applies only to property taxes first due and payable after December 31, 2003, for an assessment date after February 28, 2003.
    (c) Notwithstanding IC 6-1.1-12-17.5, the time in which a person may file the initial application for a deduction under IC 6-1.1-12-17.4, as amended by this act, for property taxes first due and payable in 2004 is extended from before May 11, 2003, to on or before April 30, 2004.
    (d) The department of local government finance may adopt temporary rules in the manner provided for the adoption of emergency rules under IC 4-22-2-37.1 to implement this SECTION. A temporary rule adopted under this SECTION expires on the earliest of the following:
        (1) The date another temporary rule is adopted under this SECTION to supersede the previously adopted temporary rule.
        (2) The date that a permanent rule superseding the temporary rule is adopted and becomes effective under IC 4-22-2.
        (3) January 1, 2005.

    SECTION 3. An emergency is declared for this act.