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IN HB1079
Bill
Status
1/3/2018
Primary Sponsor
Justin Moed
Click for details
AI Summary
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Allows a county containing a consolidated city (Marion County) to adopt an ordinance establishing a geographic territory where property owners age 65 and over can qualify for a property tax credit at higher adjusted gross income limits than state statute allows.
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Increases the standard income thresholds for the age 65 and over property tax credit from $30,000 (single filer) and $40,000 (joint filer) to amounts set by local ordinance within the designated geographic territory.
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Permits the county fiscal body to determine whether certified shares of local income tax shall be used to offset property tax losses to taxing units resulting from more credits claimed due to the higher income limits.
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Requires the ordinance to describe the geographic territory in sufficient detail to identify affected parcels and specify the adjusted gross income amounts and effective year, which cannot be earlier than the year following adoption.
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Effective July 1, 2018.
Legislative Description
Age 65 and over property tax credit. Permits Marion County to adopt an ordinance to establish a geographic territory in which a property owner may qualify for the age 65 and over property tax credit at a higher adjusted gross income than the statutory amount. Permits local income taxes to be used to offset property tax losses by taxing units because of the higher income limit.
Last Action
First reading: referred to Committee on Ways and Means
1/3/2018