Introduced Version






HOUSE BILL No. 1931

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3-2-20.

Synopsis: Residential steel framing tax credit. Establishes a $2,000 adjusted gross income tax deduction for the builder and purchaser of a one family residence constructed using steel framing manufactured in Indiana.

Effective: January 1, 2004.





Ayres, Stevenson, Lehe, Harris




    January 23, 2003, read first time and referred to Committee on Commerce and Economic Development.







Introduced

First Regular Session 113th General Assembly (2003)


PRINTING CODE. 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 2002 Regular or Special Session of the General Assembly.

HOUSE BILL No. 1931



    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 6-3-2-20; (03)IN1931.1.1. -->     SECTION 1. IC 6-3-2-20 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2004]: Sec. 20. (a) For purposes of this section:
        (1) "builder" means an individual or a corporation that constructs a qualifying residence;
        (2) "steel framing" refers to steel framing manufactured in Indiana; and
        (3) "qualifying residence" means a one (1) family residence constructed wholly or partially with steel framing.
    (b) A resident individual taxpayer is entitled to a deduction from the taxpayer's adjusted gross income for a particular taxable year if, during that taxable year, the taxpayer acquires title to a qualifying residence under a purchase from the builder.
    (c) A builder is entitled to a deduction from the builder's adjusted gross income for a particular taxable year if, during that taxable year, the taxpayer transfers title to a qualifying residence constructed by the builder under a sale to an individual.
    (d) The amount of the deduction under subsection (b) or (c) in a particular taxable year is the lesser of:
        (1) the part of the purchase price of the qualifying residence attributable to labor and materials for the steel framing; or
        (2) two thousand dollars ($2,000).
    (e) To obtain the deduction provided by this section, the taxpayer or builder must file with the department:
        (1) proof of the costs attributable to labor and materials for the steel framing; and
        (2) a list of the persons or corporations who supplied labor or materials for the steel framing.

SOURCE: ; (03)IN1931.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2004] IC 6-3-2-20 , as added by this act, applies to taxable years beginning after December 31, 2003.