IN SB0383

Changes the definition of "Indiana income" used for the homestead property tax credit from employee and self-employment earned income to adjusted gross income of the individual taxpayer and spouse filing jointly.

Applies to homesteads in counties with population between 400,000 and 700,000 (Lake County).

Maintains the $18,600 income threshold for credit eligibility and the refundable credit structure with maximum of $300 for lower income individuals and a phase-out calculation for those earning $18,000-$18,600.

Effective January 1, 2015 for taxable years beginning after December 31, 2014.

Section 4 provisions expire January 1, 2018.