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
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NEW will appear in that style type in the introductory clause of each SECTION that adds
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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.