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Indiana General Assembly
House Bill 1293


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House Bill 1293

ARCHIVE (2008)

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DIGEST OF HB1293 (Updated March 14, 2008 2:35 pm - DI 84)

Taxation. Provides, for purposes of the sales disclosure form process for real estate transactions, that: (1) a conveyance includes a transfer to a charity; (2) exceptions are eliminated from the definition of "conveyance document" for documents for certain compulsory transactions or the partition of land; (3) the sales disclosure form is considered to be accurate and complete if it includes information other than additional information required by the department of local government finance; (4) the $10 filing fee is permanent, but does not apply to a transfer to a charity or if the transfer is under a conveyance document for certain compulsory transactions or the partition of land; (5) the fee revenue is split evenly between the county sales disclosure fund and the state assessment training fund; (6) a separate sales disclosure form is required for each parcel conveyed, except that only one form (with a single combined sales price) is required for the conveyance under a single conveyance document of two or more contiguous parcels in a single taxing district: (7) the sales disclosure form must include the key number of each parcel subject to the conveyance, whether the entirety of each parcel is being conveyed, the address if the parcel is improved, a legal description for each parcel, and an estimate of the value of any personal property included in the transfer; (8) one party to a transaction may sign a sales disclosure form on behalf of multiple parties; (9) the county recorder may record a conveyance document only if a sales disclosure form approved by the county assessor has been filed; (10) the criminal penalty for knowingly and intentionally falsifying or omitting information on a sales disclosure form is increased; (11) the penalty for filing an incomplete or inaccurate sales disclosure form applies only if the filer fails to correct a deficiency within 30 days of notice; and (12) a paper or electronic sales disclosure form may be used with respect to a homestead assessed as real property to also apply for the homestead credit and certain property tax deductions. Allows for filing of statements to claim the homestead credit and property tax deductions any time during a calendar year with respect to real property, or any time during the designated 12 month filing period with respect to mobile homes and manufactured homes not assessed as real property. Provides that a taxpayer that files for the homestead credit or a property tax deduction must be the owner or contract buyer only on the filing date, and not on the assessment date to which the credit or deduction applies. Provides that regardless of a change of ownership, the homestead credit or a property tax deduction applies automatically in a year if: (1) the credit or deduction applied in the immediately preceding year; and (2) the current title holder or contract buyer is eligible for the credit or deduction. Allows a county auditor to reduce the assessed value used to set tax rates to take into account deductions resulting from applications filed late in the year. Provides that changes in information reported by the county auditor to political subdivisions resulting from applications filed late in the year do not result in withholding of property tax replacement revenue by the state. Requires the department of local government finance to adopt rules to establish guidelines to enforce the application of the homestead credit only to an individual's principal place of residence. Provides that a municipality may adopt an ordinance establishing a property maintenance area (PMA) and provide grants to individuals that receive a certification from the municipality for property maintenance performed within the PMA. Allows certain taxpayers to claim interstate commerce exemptions for certain inventory for the 2004, 2005, and 2006 assessment dates by filing amended returns before March 1, 2008. Provides that the amended returns are considered to have been timely filed.
Current Status:
 Law Enacted
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