Loading chat...
IN HB1075
Bill
Status
1/4/2017
Primary Sponsor
Karlee Macer
Click for details
AI Summary
-
Establishes a tax credit for taxpayers who purchase new residences with improved accessibility or universal visibility, or retrofit existing residences to improve accessibility or provide universal visibility
-
Credit equals 50% of qualified expenditures (excluding property acquisition, taxes, enlargements, realtor fees, paving, landscaping, and marketing costs) with a maximum of $5,000 per taxable year
-
Requires Indiana Housing and Community Development Authority to certify taxpayer eligibility and define "improved accessibility" and "universal visibility" standards; property must be located in Indiana and used as taxpayer's residence
-
Imposes 5-year holding requirement; credit must be recaptured if property is transferred within 5 years or non-compliant modifications are made during that period
-
Allows unused credits to carry forward for 15 taxable years following the unused credit year; caps total tax credits at $1,000,000 per state fiscal year beginning July 1, 2017; effective for taxable years beginning after December 31, 2016
Legislative Description
Tax credit for improving residence accessibility. Provides a credit against the adjusted gross income tax to a taxpayer who: (1) purchases a new residence that has improved accessibility or universal visibility; or (2) retrofits an existing residence to improve accessibility or provide universal visibility.
Last Action
First reading: referred to Committee on Ways and Means
1/4/2017