Indiana House Bill 1223 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2011 - 25% progression, died in committee
Action: 2011-01-12 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Specifies the terms that a contract for the purchase of real property or a mobile home or manufactured home that is not assessed as real property must include to qualify the buyer for certain property tax deductions. Defines a contract containing the required terms as a qualified installment contract. Provides that a person who: (1) owns property subject to taxation; (2) misrepresents a residential lease as a qualified installment contract; and (3) through the person's misrepresentation causes another individual to improperly claim a deduction that is made available to a buyer under a qualified installment contract; is liable for any additional taxes that would have been due on the property if the person had leased the property to the purported contract buyer, plus a civil penalty equal to 10% of the additional taxes due.

Property tax deductions for land sale contracts.

Rep. Cherrish Pryor [D]

Date	Chamber	Action
2011-01-12		First reading: referred to Committee on Ways and Means
2011-01-12		Authored by Representative Pryor

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=HB&docno=1223
Text	http://www.in.gov/legislative/bills/2011/IN/IN1223.1.html