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 2007 Regular Session of the General Assembly.
Be it enacted by the General Assembly of the State of Indiana:
(2) entitled to occupy the real property rent free under the terms of the trust;
the grantor is the owner of that real property.
SECTION 2. IC 6-1.1-12-17.9, AS ADDED BY P.L.95-2007, SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 17.9. A trust is entitled to a deduction under section 9, 11, 13, 14, 16, or 17.4 of this chapter for real property owned by the trust and occupied by an individual if the county auditor determines that the individual:
(1) upon verification in the body of the deed or otherwise, has either:
(A) a beneficial interest in the trust; or
(B) the right to occupy the real property rent free under the terms of a qualified personal residence trust created by the individual under United States Treasury Regulation 25.2702-5(c)(2);
(2) otherwise qualifies for the deduction; and
(3) would be considered the owner of the real property under IC 6-1.1-1-9(f) or IC 6-1.1-1-9(g).
SECTION 3. IC 6-1.1-20.9-2, AS AMENDED BY P.L.224-2007, SECTION 39, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 2. (a) Except as otherwise provided in section 5 of this chapter, an individual who on March 1 of a particular year either owns or is buying a homestead under a contract that provides the individual is to pay the property taxes on the homestead is entitled each calendar year to a credit against the property taxes which the individual pays on the individual's homestead. However, only one (1) individual may receive a credit under this chapter for a particular homestead in a particular year.
(b) The amount of the credit to which the individual is entitled equals the product of:
(1) the percentage prescribed in subsection (d); multiplied by
(2) the amount of the individual's property tax liability, as that term is defined in IC 6-1.1-21-5, which is:
(A) attributable to the homestead during the particular calendar year; and
(B) determined after the application of the property tax replacement credit under IC 6-1.1-21.
(c) For purposes of determining that part of an individual's property tax liability that is attributable to the individual's homestead, all
deductions from assessed valuation which the individual claims under
IC 6-1.1-12 or IC 6-1.1-12.1 for property on which the individual's
homestead is located must be applied first against the assessed value
of the individual's homestead before those deductions are applied
against any other property.
(d) The percentage of the credit referred to in subsection (b)(1) is as follows:
OF THE CREDIT
1998 through 2002 10%
2003 through 2005 20%
2007 and thereafter 20%
However, the percentage credit allowed in a particular county for a particular year shall be increased if on January 1 of a year an ordinance adopted by a county income tax council was in effect in the county which increased the homestead credit. The amount of the increase equals the amount designated in the ordinance.
(e) Before October 1 of each year, the assessor shall furnish to the county auditor the amount of the assessed valuation of each homestead for which a homestead credit has been properly filed under this chapter.
(f) The county auditor shall apply the credit equally to each installment of taxes that the individual pays for the property.
(g) Notwithstanding the provisions of this chapter, a taxpayer other than an individual is entitled to the credit provided by this chapter if:
(1) an individual uses the residence as the individual's principal place of residence;
(2) the residence is located in Indiana;
(3) the individual:
(A) has a beneficial interest in the taxpayer; or
(B) has the right to occupy the residence rent free under the terms of a qualified personal residence trust created by the individual under United States Treasury Regulation 25.2702-5(c)(2);
(4) the taxpayer either owns the residence or is buying it under a contract, recorded in the county recorder's office, that provides that the individual is to pay the property taxes on the residence; and
(5) the residence consists of a single-family dwelling and the real
estate, not exceeding one (1) acre, that immediately surrounds
SECTION 4. IC 27-8-5-22 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 22. (a) All individual policies of accident and sickness insurance issued for delivery in Indiana after June 30, 1990, must provide for the refund of unused premiums upon the death of the insured during the contract period.
(b) The amount of premium refund shall be prorated from the date following the date of death of the insured to the end of the contract period for which the premium has been paid.
(c) The refund required by this section shall be paid as follows:
(1) If a person other than the insured paid the premium, to that person. A person entitled to a refund under this subdivision must furnish proof of payment to the insurer.
(2) If the insured paid the premium, to the surviving spouse of the insured. If there is no surviving spouse, the premium shall be paid in the same manner as distributions of the net estate of a person who dies intestate under IC 29-1-2-1(d). A parent disqualified under IC 29-1-2-1(e) from receiving an intestate share of the parent's child's estate is not entitled to a refund under this section of insurance premiums paid by the child.
(d) A person entitled to receive a refund under this section must do the following:
(1) Submit a written request for the refund.
(2) Furnish proof of the insured's death.
(e) This section does not affect the rights of a dependent under a policy covered by this section to obtain a conversion policy upon the death of the insured.
SECTION 5. IC 29-1-2-1, AS AMENDED BY P.L.61-2006, SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 1. (a) The estate of a person dying intestate shall descend and be distributed as provided in this section.
(b) Except as otherwise provided in subsection (c), the surviving spouse shall receive the following share:
(1) One-half (1/2) of the net estate if the intestate is survived by at least one (1) child or by the issue of at least one (1) deceased child.
(2) Three-fourths (3/4) of the net estate, if there is no surviving issue, but the intestate is survived by one (1) or both of the intestate's parents.
(3) All of the net estate, if there is no surviving issue or parent.
custody, education, or training; or
(2) a period not exceeding
sixty (60) days during which the parent
or guardian is physically incapacitated or absent from the parent's
or guardian's residence; twelve (12) months;
any powers regarding support, custody, or property of the minor or protected person, except the power to consent to the marriage or adoption of a protected person who is a minor.
(b) A person having a power of attorney executed under subsection (a) has and shall exercise, for the period during which the power is effective, all other authority of the parent or guardian respecting the support, custody, or property of the minor or protected person except any authority expressly excluded in the written instrument delegating the power. However, the parent or guardian remains responsible for any act or omission of the person having the power of attorney with respect to the affairs, property, and person of the minor or protected person as though the power of attorney had never been executed.
(c) Except as otherwise stated in the power of attorney delegating powers under this section, a delegation of powers under this section may be revoked by a written instrument of revocation that:
(1) identifies the power of attorney revoked; and
(2) is signed by the:
(A) parent of a minor; or
(B) guardian of a protected person;
who executed the power of attorney.
SECTION 8. IC 30-4-2.1-12 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 12. (a) If a trust is terminated or partially terminated and the available trust property is not sufficient to fully satisfy the interests of all beneficiaries, the interests must be abated in the following order:
(1) The interests that would be characterized as residuary devises if the trust were a will.
(2) The interests that would be characterized as general devises if the trust were a will.
(3) The interests that would be characterized as specific devises if the trust were a will.
The amount abated for each beneficiary within each classification described in subdivisions (1) through (3) must be proportional to the amount of property that each beneficiary would have received if full distribution of the trust property had been made in
accordance with the terms of the trust instrument.
(1) a trust instrument expresses an order of abatement that differs from the order set forth in subsection (a); or
(2) the order of abatement stated in subsection (a) would impair an express or implied purpose of the trust;
the interests of the beneficiaries must be abated in the manner determined appropriate to give effect to the settlor's intent.
(c) If, under the terms of a trust that was revocable at the time of the settlor's death, the subject of a preferred devise is sold or used to pay debts, expenses, taxes, or other obligations incident to the settlement of the settlor's affairs, abatement must be achieved by adjustment in, or contribution from, other interests in the remaining trust property.
(d) Where applicable, the abatement of beneficiary interests in a trust is subject to IC 32-17-13-4.
SECTION 9. IC 30-5-4-1 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 1. To be valid, a power of attorney must meet the following conditions:
(1) Be in writing.
(2) Name an attorney in fact.
(3) Give the attorney in fact the power to act on behalf of the principal.
(4) Be signed by the principal or at the principal's direction in the presence of a notary public.
(5) In the case of a power of attorney signed at the direction of the principal, the notary must state that the individual who signed the power of attorney on behalf of the principal did so at the principal's direction.
SECTION 10. IC 30-5-4-2 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 2. (a) Except as provided in subsection (b), a power of attorney is effective on the date the power of attorney is signed
by the principal. in accordance with
section 1(4) of this chapter.
(b) A power of attorney may:
(1) specify the date on which the power will become effective; or
(2) become effective upon the occurrence of an event.
SECTION 11. IC 32-17-13-4 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 4. Unless otherwise provided by the trust instrument, interest of beneficiaries in all trusts incurring liabilities under this chapter shall abate as necessary to satisfy
the liability as if all of the trust instruments were a single
will and the
interests were devises under it. trust.
SECTION 12. IC 34-30-2-122.9 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2008]: Sec. 122.9. IC 29-1-13-1.5 (Concerning a financial institution granting access to a safe deposit box upon the death of an individual).
SECTION 13. [EFFECTIVE UPON PASSAGE] IC 6-1.1-1-9, IC 6-1.1-12-17.9, and IC 6-1.1-20.9-2, all as amended by this act, apply to property taxes first due and payable after December 31, 2008.
SECTION 14. An emergency is declared for this act.