SB 267-1_ Filed 01/24/2008, 10:32

COMMITTEE REPORT




MADAM PRESIDENT:

    The Senate Committee on Appropriations, to which was referred Senate Bill No. 267, has had the same under consideration and begs leave to report the same back to the Senate with the recommendation that said bill be AMENDED as follows:

SOURCE: Page 1, line 1; (08)AM026706.1. -->     Page 1, delete lines 1 through 18, begin a new paragraph and insert:
SOURCE: ; (08)AM026706.1. -->     "SECTION 1. [EFFECTIVE JANUARY 1, 2008 (RETROACTIVE)] (a) This SECTION applies only to an individual that in 2008 paid property taxes that:
        (1) were imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date;
        (2) are due after December 31, 2007; and
        (3) are paid on or before the due date for the property taxes.
    (b) As used in this SECTION, "adjusted gross income" has the meaning set forth in IC 6-3-1-3.5.
    (c) An individual described in subsection (a) is entitled to a deduction from adjusted gross income for a taxable year beginning after December 31, 2007, and before January 1, 2009, in an amount equal to the amount determined in the following STEPS:
        STEP ONE: Determine the lesser of:
            (1) two thousand five hundred dollars ($2,500); or
            (2) the total amount of property taxes imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date and paid in 2007 or 2008.
        STEP TWO: Determine the greater of zero (0) or the result of:
            (1) the STEP ONE result; minus
            (2) the total amount of property taxes that:
                (A) were imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date;
                (B) were paid in 2007; and
                (C) were deducted from adjusted gross income under IC 6-3-1-3.5(a)(17) by the individual on the individual's state income tax return for a taxable year beginning before January 1, 2008.
    (d) The deduction under this SECTION is in addition to any deduction that an individual is otherwise entitled to claim under IC 6-3-1-3.5(a)(17). However, an individual may not deduct under IC 6-3-1-3.5(a)(17) any property taxes deducted under this SECTION.
".
SOURCE: Page 2, line 1; (08)AM026706.2. -->     Page 2, delete lines 1 through 11.
    Renumber all SECTIONS consecutively.
    (Reference is to SB 267 as introduced.)

and when so amended that said bill do pass .

Committee Vote: Yeas 12, Nays 0.

____________________________________

Senator Meeks, Chairperson


AM 026706/DI 44    2008