SB 496-2_ Filed 02/14/2005, 10:18 Mrvan
that Senate Bill 496 be amended to read as follows:
SOURCE: Page 38, line 13; (05)MO049601.38. -->
Page 38, delete line 13, begin a new line blocked left and insert:
Page 38, line 14, after "20.6." insert " Credit for Excessive
Page 38, line 14, delete "Tax Credits" and insert " Taxes
Page 38, delete lines 16 through 42, begin a new line block indented
" (1) "eligible property" means:
(A) a homestead; and
(B) any other classification of property designated by the
county fiscal body under section 2 of this chapter;
(2) "homestead" has the meaning set forth in IC 6-1.1-20.9-1;
(3) "property tax liability" means liability for the tax imposed
on property under this article determined after application of
all credits and deductions under this article, except the credit
under this chapter, but does not include any interest or
penalty imposed under this article.
Sec. 2. A county fiscal body that proposes to allow the credit
under this chapter shall adopt an ordinance to identify eligible
property to which the credit applies as:
(1) only homesteads; or
(2) homesteads and one (1) or more other classifications of
Sec. 3. (a) A county fiscal body may adopt an ordinance to
authorize the application of a credit under this chapter for one (1)
or more calendar years to eligible property in the county.
(b) A county fiscal body adopting an ordinance under subsection
(a) must adopt the ordinance under subsection (a) before July 1 of
a calendar year to authorize a credit under this chapter for
property taxes first due and payable in the immediately succeeding
Sec. 4. If a credit under this chapter is authorized under section
3 of this chapter for property taxes first due and payable in a
(1) a person is entitled to a credit against the person's
property tax liability for property taxes first due and payable
in that calendar year attributable to the person's eligible
property located in the county; and
(2) the amount of the credit is the amount by which the
person's property tax liability attributable to the person's
eligible property for property taxes first due and payable in
that calendar year exceeds two percent (2%) of the gross
assessed value that is the basis for determination of property
taxes on the eligible property for property taxes first due and
payable in that calendar year.
Sec. 5. A person is not required to file an application for a credit
under this chapter. The county auditor shall:
(1) identify eligible property in the county; and
(2) apply a credit under this chapter to property tax liability
on the identified eligible property.
Delete page 39.
Page 40, delete lines 1 through 18.
Page 70, line 1, delete "2004." and insert " 2005.
(Reference is to SB 496 as printed February 11, 2005.)