Introduced Version
HOUSE BILL No. 1099
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-12-17.4.
Synopsis: Property tax deductions for certain veterans. Provides that
World War II and Korean War veterans are eligible for a property tax
deduction in the same manner as World War I veterans.
Effective: January 1, 2008.
Kersey
January 8, 2007, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 115th General Assembly (2007)
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HOUSE BILL No. 1099
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 6-1.1-12-17.4; (07)IN1099.1.1. -->
SECTION 1. IC 6-1.1-12-17.4 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2008]: Sec. 17.4. (a) Except
as provided in section 40.5 of this chapter, a World War I, World War
II, or Korean War veteran who is a resident of Indiana is entitled to
have the sum of eighteen thousand seven hundred twenty dollars
($18,720) deducted from the assessed valuation of the real property
(including a mobile home that is assessed as real property), mobile
home that is not assessed as real property, or manufactured home that
is not assessed as real property the veteran owns or is buying under a
contract that requires the veteran to pay property taxes on the real
property, if the contract or a memorandum of the contract is recorded
in the county recorder's office, if:
(1) the real property, mobile home, or manufactured home is the
veteran's principal residence;
(2) the assessed valuation of the real property, mobile home, or
manufactured home does not exceed one hundred sixty-three
thousand dollars ($163,000); and
(3) the veteran owns the real property, mobile home, or
manufactured home for at least one (1) year before claiming the
deduction.
(b) An individual may not be denied the deduction provided by this
section because the individual is absent from the individual's principal
residence while in a nursing home or hospital.
(c) For purposes of this section, if real property, a mobile home, or
a manufactured home is owned by a husband and wife as tenants by the
entirety, only one (1) deduction may be allowed under this section.
However, the deduction provided in this section applies if either spouse
satisfies the requirements prescribed in subsection (a).
(d) 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 with respect to that real property, mobile home, or
manufactured home.
SOURCE: ; (07)IN1099.1.2. -->
SECTION 2. [EFFECTIVE JANUARY 1, 2008]
IC 6-1.1-12-17.4,
as amended by this act, applies to property taxes first due and
payable after December 31, 2007.