SOURCE: Page 7, line 40; (13)MO027503.7. -->
Page 7, after line 40, begin a new paragraph and insert:
SOURCE: IC 6-1.1-47; (13)MO027503.3. -->
"SECTION 3. IC 6-1.1-47 IS ADDED TO THE INDIANA CODE
AS A
NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]:
Chapter 47. Supplemental Homestead Credit for Qualified
Taxpayers
Sec. 1. This chapter applies only to property taxes first due and
payable after December 31, 2013.
Sec. 2. As used in this chapter, "controlled project" has the
meaning set forth in IC 6-1.1-20-1.1.
Sec. 3. (a) As used in this chapter, "homestead" refers to a
homestead that is eligible for a standard deduction under
IC 6-1.1-12-37.
(b) The term includes a house or apartment that is owned or
leased by a cooperative housing corporation (as defined in 26
U.S.C. 216(b)).
Sec. 4. As used in this chapter, "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 or IC 6-3.5, including the credit granted by
IC 6-1.1-20.6-7.5, but not including any interest or penalty imposed
under this article.
Sec. 5. As used in this chapter, "qualified capital project" means
a controlled project approved for a school corporation under
IC 6-1.1-20 after June 30, 2013.
Sec. 6. As used in this chapter, "qualified taxpayer" means a
taxpayer who:
(1) is at least sixty-five (65) years of age; and
(2) has resided on the taxpayer's homestead for at least twenty
(20) years.
Sec. 7. For purposes of this chapter, a controlled project is
considered approved if:
(1) neither a petition and remonstrance process nor a
referendum is initiated under IC 6-1.1-20 with respect to a
school corporation's preliminary determination to issue bonds
or enter into a lease;
(2) the number of persons signing a petition exceeds the
number of persons signing a remonstrance in a petition and
remonstrance process conducted under IC 6-1.1-20-3.2; or
(3) the majority of the eligible voters voting on a local public
question held under IC 6-1.1-20-3.6 vote in favor of the public
question.
Sec. 8. (a) A qualified taxpayer is entitled to a credit against the
property tax liability on the qualified taxpayer's homestead for
property taxes first due and payable after 2013. The amount of the
credit is equal to that part of the qualified taxpayer's property tax
liability attributable to property taxes imposed to pay debt service
or make lease payments for a qualified capital project.
(b) Property taxes imposed to:
(1) pay debt service for bonds issued; or
(2) make lease payments for leases entered into;
for a controlled project approved before July 1, 2013, may not be
considered for purposes of calculating a qualified taxpayer's credit
under this section.
Sec. 9. Except as provided in section 10 of this chapter, a
qualified taxpayer is not required to file an application for the
credit under this chapter. The county auditor shall:
(1) identify the property in the county eligible for the credit
under this chapter; and
(2) apply the credit under this chapter to property tax liability
on the identified property.
Sec. 10. (a) This section applies to an individual who:
(1) qualified for a standard deduction granted under
IC 6-1.1-12-37 for the individual's homestead property in the
immediately preceding calendar year (or was married at the
time of death to a deceased spouse who qualified for a
standard deduction granted under IC 6-1.1-12-37 for the
individual's homestead property in the immediately preceding
calendar year);
(2) qualifies for a standard deduction granted under
IC 6-1.1-12-37 for the same homestead property in the current
calendar year;
(3) is or will be at least sixty-five (65) years of age on or before
December 31 of the calendar year immediately preceding the
current calendar year;
(4) has resided on the taxpayer's homestead for at least twenty
(20) years; and
(5) has not previously applied for an assessed value deduction
under IC 6-1.1-12-9 or an additional credit under
IC 6-1.1-20.6-8.5.
(b) An individual described in subsection (a) must file an
application in order to receive the credit provided by this chapter.
Applications for a credit under this chapter must be filed in the
manner provided for an application for a deduction under
IC 6-1.1-12-9. However, an individual who remains eligible for the
credit in the following year is not required to file an application for
the credit in the following year. An individual who receives a credit
under this chapter in a particular year and who becomes ineligible
for the credit in the following year shall notify the auditor of the
county in which the homestead is located of the individual's
ineligibility not later than sixty (60) days after the individual
becomes ineligible.
(c) The auditor of each county shall, in a particular year, apply
a credit provided under this chapter to each qualified taxpayer who
received the credit in the preceding year unless the auditor
determines that the taxpayer is no longer eligible for the credit.
Sec. 11. (a) The application of the credit under this chapter
results in a reduction of the property tax collections of each school
corporation in which the credit is applied. A school corporation
may not increase any property tax levy to make up for that
reduction.
(b) The county auditor shall in each calendar year notify each
school corporation in which the credit under this chapter is applied
of the reduction of property tax collections referred to in subsection
(a) for the school corporation for that year.
(c) A school corporation may not borrow money to compensate
the school corporation or any other political subdivision for the
reduction of property tax collections referred to in subsection (a).".
Renumber all SECTIONS consecutively.
(Reference is to ESB 275 as printed March 19, 2013.)
________________________________________
MO027503/DI 92 2013