IN HB1435

Extends the filing period for amended personal property tax returns from six months to one year after the original filing date or extension date for returns filed after May 14, 2011.

Imposes a 10% reduction on refunds or credits claimed on amended returns filed between six months and one year after the original filing or extension date.

Allows county auditors to carry forward credits exceeding $25,000 for up to three consecutive years and apply them against future personal property taxes, with any remaining excess refunded after the three-year period.

Permits county auditors to apply credits against personal property taxes in the year or years immediately succeeding the tax payment year, and allows auditors to refund credits before they would otherwise be applied.

Takes effect May 15, 2011 retroactively.