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IN HB1402
Bill
Status
1/13/2016
Primary Sponsor
Gail Riecken
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AI Summary
House Bill 1402 Summary
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Provides a refundable tax credit equal to 20% of a taxpayer's local option income tax liability for residents of credit-eligible housing in designated housing zones.
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Credit-eligible housing must be qualified residential property previously declared vacant or abandoned under IC 36-7-37 and subsequently occupied by a lawful owner or tenant.
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Allowable credit period runs from the date of first occupancy after the vacant/abandoned declaration until the earlier of: the fifth anniversary of that date, or the date the housing is again declared vacant or abandoned.
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Credits exceeding a taxpayer's tax liability for the year are refundable to the taxpayer.
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Bill applies retroactively to taxable years beginning January 1, 2016, and expires January 1, 2017.
Legislative Description
Local income tax housing zone credit. Provides a refundable tax credit against a taxpayer's local option income tax liability for a taxable year if: (1) the taxpayer resides in credit eligible housing during the taxable year; and (2) the date on which the taxpayer's residence is determined for local option income tax purposes occurs within the allowable credit period of the credit eligible housing.
Last Action
First reading: referred to Committee on Ways and Means
1/13/2016