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IN HB1679
Bill
Status
1/24/2019
Primary Sponsor
Justin Moed
Click for details
AI Summary
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Marion County may adopt an ordinance establishing geographic territories where property owners age 65+ can qualify for the property tax credit at higher income limits than the standard $30,000 (single filers) or $40,000 (joint filers)
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The ordinance must describe the geographic territory in sufficient detail to identify parcels, specify the new income thresholds, and state the effective year
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Local income tax revenues may be used to offset property tax losses to taxing units resulting from expanded credit eligibility
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Homesteads with gross assessed value of $160,000 or more remain ineligible for the credit regardless of the ordinance
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Effective date: July 1, 2019
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
1/24/2019