HB 1120-7_ Filed 04/06/2005, 09:17 Mrvan
that Engrossed House Bill 1120 be amended to read as follows:
SOURCE: Page 59, line 3; (05)MO112014.59. -->
Page 59, between lines 3 and 4, begin a new paragraph and insert:
SOURCE: IC 6-1.1-20.6; (05)MO112014.24. -->
"SECTION 24. IC 6-1.1-20.6 IS ADDED TO THE INDIANA
CODE AS A NEW
CHAPTER TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2005]:
Chapter 20.6. Local Homestead Credits
Sec. 1. As used in this chapter, "revenue" includes revenue
received by a political subdivision under any law or from any
Sec. 2. (a) A political subdivision may adopt an ordinance each
year to provide for the use of revenue for the purpose of providing
a homestead credit the following year to homesteads eligible for the
state homestead credit under IC 6-1.1-20.9. An ordinance must be
adopted under this section before December 31 for credits to be
provided in the following year. The ordinance applies only to the
immediately following year.
(b) A homestead credit under this chapter is to be applied to the
net property taxes due on the homestead after the application of all
other assessed value deductions or property tax deductions and
credits that apply to the amount owed under IC 6-1.1.
(c) A homestead credit under this chapter does not reduce the
basis for determining the state property tax replacement credit
under IC 6-1.1-21 or the state homestead credit under
Sec. 3. An ordinance adopted under this chapter must provide
for a homestead credit that is either a uniform:
(1) percentage of the net property taxes due on the homestead
after the application of all other deductions and credits; or
(2) dollar amount applicable to each homestead.
The ordinance must specify the percentage or the dollar amount.
Sec. 4. (a) If an ordinance is adopted under this chapter, the
county auditor shall, for the calendar year in which a homestead
credit is authorized under this chapter, retain from the property
tax distributions to the political subdivision the amount necessary
so that no other civil taxing unit or school corporation in the county
suffers a net revenue loss because of the allowance of the homestead
(b) The county auditor shall then distribute the revenue used to
offset the homestead credit to the political subdivision. This amount
of revenue shall be allocated by the political subdivision as if the
money were from property tax collections.".
Renumber all SECTIONS consecutively.
(Reference is to EHB 1120 as printed April 4, 2005.)