Bill Text: IN HB1435 | 2011 | Regular Session | Amended
Bill Title: Amended personal property tax returns.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Engrossed - Dead) 2011-03-29 - First reading: referred to Committee on Tax and Fiscal Policy [HB1435 Detail]
Download: Indiana-2011-HB1435-Amended.html
Citations Affected: IC 6-1.1.
Synopsis: Amended personal property tax returns. Extends the time
for amending a personal property tax return from six months to one
year from the date the original return was filed or the extension date,
whichever is later. Provides that if an amended personal property tax
return is filed between six months and one year after the filing date or
the extension date, whichever is later, the taxpayer's refund or credit,
if any, is reduced by 10%. Provides that if the credit to which a
taxpayer is entitled as the result of filing an amended property tax
return exceeds $25,000, a county auditor may carry the credit forward
for not more than three succeeding years and apply the credit to the
taxpayer's personal property taxes payable in those succeeding years,
with any excess credit remaining after the third year refunded to the
taxpayer.
Effective: May 15, 2011 (retroactive).
January 18, 2011, read first time and referred to Committee on Ways and Means.
February 17, 2011, reported _ Do Pass.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) The filing date for the original personal property tax return, if the taxpayer is not granted an extension in which to file under section 7 of this chapter.
(2) The extension date for the original personal property tax return, if the taxpayer is granted an extension under section 7 of this chapter.
(b) A tax adjustment related to an amended personal property tax return shall be made in conformity with rules adopted under IC 4-22-2
by the department of local government finance.
(c) If a taxpayer wishes to correct an error made by the taxpayer on
the taxpayer's original personal property tax return, the taxpayer must
file an amended personal property tax return under this section within
the time required by subsection (a). A taxpayer may claim on an
amended personal property tax return any adjustment or exemption that
would have been allowable under any statute or rule adopted by the
department of local government finance if the adjustment or exemption
had been claimed on the original personal property tax return.
(d) Notwithstanding any other provision, if:
(1) a taxpayer files an amended personal property tax return under
this section in order to correct an error made by the taxpayer on
the taxpayer's original personal property tax return; and
(2) the taxpayer is entitled to a refund of personal property taxes
paid by the taxpayer under the original personal property tax
return;
the taxpayer is not entitled to interest on the refund.
(e) If a taxpayer files an amended personal property tax return for
a year before July 16 of that year, the taxpayer shall pay taxes payable
in the immediately succeeding year based on the assessed value
reported on the amended return.
(f) If a taxpayer files an amended personal property tax return for a
year after July 15 of that year, the taxpayer shall pay taxes payable in
the immediately succeeding year based on the assessed value reported
on the taxpayer's original personal property tax return. Subject to
subsection (l), a taxpayer that paid taxes under this subsection is
entitled to a credit in the amount of taxes paid by the taxpayer on the
remainder of:
(1) the assessed value reported on the taxpayer's original personal
property tax return; minus
(2) the finally determined assessed value that results from the
filing of the taxpayer's amended personal property tax return.
Except as provided in subsection (k), the county auditor shall may
apply the credit against the taxpayer's property taxes on personal
property payable in the year or years that immediately succeeds
succeed the year in which the taxes were paid, as applicable.
(g) If the amount of the A county auditor may carry a credit to
which the taxpayer is entitled under subsection (f) exceeds the amount
of the taxpayer's property taxes on personal property payable in the year
that immediately succeeds the year in which the taxes were paid, the
county auditor shall apply the amount of the excess forward to the
immediately succeeding year or years, as applicable, and use the
credit against the taxpayer's property taxes on personal property in the
next succeeding year. as follows:
(1) If the amount of the credit to which the taxpayer is
initially entitled under subsection (f) does not exceed
twenty-five thousand dollars ($25,000), the county auditor
may carry the credit forward to the year immediately
succeeding the year in which the taxes were paid.
(2) If the amount of the credit to which the taxpayer is
initially entitled under subsection (f) exceeds twenty-five
thousand dollars ($25,000), the county auditor may carry the
credit forward for not more than three (3) consecutive years
immediately succeeding the year in which the taxes were paid.
The credit is reduced each time the credit is applied to the
taxpayer's property taxes on personal property in succeeding years
by the amount applied.
(h) Not later than December 31 of the year in which a credit is
applied under subsection (g), If an excess credit remains after the
credit is applied in the final year to which the credit may be carried
forward under subsection (g), the county auditor shall refund to the
taxpayer the amount of any excess credit that remains after application
of the credit under subsection (g) not later than December 31 of the
final year to which the excess credit may be carried.
(i) The taxpayer is not required to file an application for:
(1) a credit under subsection (f) or (g); or
(2) a refund under subsection (h).
(j) Before August 1 of each year, the county auditor shall provide to
each taxing unit in the county an estimate of the total amount of the
credits under subsection (f) or (g) that will be applied against taxes
imposed by the taxing unit that are payable in the immediately
succeeding year.
(k) A county auditor may refund a credit amount to a taxpayer
before the time the credit would otherwise be applied against property
tax payments under this section.
(l) If a person:
(1) files an amended personal property tax return more than
six (6) months, but less than twelve (12) months, after the
filing date or (if the taxpayer is granted an extension under
section 7 of this chapter) the extension date for the original
personal property tax return being amended; and
(2) the person is entitled to a credit or refund as a result of the
amended return;
the county auditor shall reduce the credit or refund payable to the
person. The amount of the reduction is ten percent (10%) of the
credit or refund amount.
