Introduced Version






SENATE BILL No. 165

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-1.1-12-14.

Synopsis: Assessed value cap for veteran's deduction. Eliminates the assessed value cap of $143,160 that applies to the property tax deduction for a veteran who: (1) has a total disability; or (2) is at least 62 years of age and has at least a 10% disability.

Effective: July 1, 2013.





Holdman




    January 7, 2013, read first time and referred to Committee on Tax and Fiscal Policy.







Introduced

First Regular Session 118th General Assembly (2013)


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SENATE BILL No. 165



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-1.1-12-14; (13)IN0165.1.1. -->     SECTION 1. IC 6-1.1-12-14, AS AMENDED BY P.L.1-2009, SECTION 30, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 14. (a) Except as provided in subsection (c) and Except as provided in section 40.5 of this chapter, an individual may have the sum of twelve thousand four hundred eighty dollars ($12,480) deducted from the assessed value of the tangible property that the individual owns (or the real property, mobile home not assessed as real property, or manufactured home not assessed as real property that the individual is buying under a contract that provides that the individual is to pay property taxes on the real property, mobile home, or manufactured home if the contract or a memorandum of the contract is recorded in the county recorder's office) if:
        (1) the individual served in the military or naval forces of the United States for at least ninety (90) days;
        (2) the individual received an honorable discharge;
        (3) the individual either:
            (A) has a total disability; or
            (B) is at least sixty-two (62) years old and has a disability of at least ten percent (10%);
        (4) the individual's disability is evidenced by:
            (A) a pension certificate or an award of compensation issued by the United States Department of Veterans Affairs; or
            (B) a certificate of eligibility issued to the individual by the Indiana department of veterans' affairs after the Indiana department of veterans' affairs has determined that the individual's disability qualifies the individual to receive a deduction under this section; and
        (5) the individual:
            (A) owns the real property, mobile home, or manufactured home; or
            (B) is buying the real property, mobile home, or manufactured home under contract;
        on the date the statement required by section 15 of this chapter is filed.
    (b) Except as provided in subsection (c), The surviving spouse of an individual may receive the deduction provided by this section if the individual would qualify for the deduction if the individual were alive.
    (c) No one is entitled to the deduction provided by this section if the assessed value of the individual's tangible property, as shown by the tax duplicate, exceeds one hundred forty-three thousand one hundred sixty dollars ($143,160).
    (d) (c) An individual who has sold real property, a mobile home not assessed as real property, or a manufactured home not assessed as real property to another person under a contract that provides that the contract buyer is to pay the property taxes on the real property, mobile home, or manufactured home may not claim the deduction provided under this section against that real property, mobile home, or manufactured home.