Bill Text: IN HB1580 | 2013 | Regular Session | Introduced
Bill Title: Property tax deductions and credits.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2013-01-22 - First reading: referred to Committee on Ways and Means [HB1580 Detail]
Download: Indiana-2013-HB1580-Introduced.html
Introduced Version
HOUSE BILL No. 1580
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-12-47.
Synopsis: Property tax deductions and credits. Provides that certain
assessed value deductions and the credit for excessive residential
property taxes remain in effect following the death of the property
owner until the earlier of: (1) the assessment date following the transfer
of the real property to a person who does not apply for the deduction;
or (2) December 31 of the second calendar year following the calendar
year in which the owner died.
Effective: January 1, 2013 (retroactive).
Smaltz, Hale, Ober
January 22, 2013, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 118th General Assembly (2013)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
HOUSE BILL No. 1580
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-1.1-12-47; (13)IN1580.1.1. -->
SECTION 1. IC 6-1.1-12-47 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2013 (RETROACTIVE)]: Sec. 47. (a) This section
applies to an assessment date in 2013 or a later year.
(b) This section applies to an assessed value deduction under any of the following:
(1) Section 1 of this chapter.
(2) Section 9 of this chapter.
(3) Section 11 of this chapter.
(4) Section 13 of this chapter.
(5) Section 14 of this chapter.
(6) Section 16 of this chapter.
(7) Section 17.4 of this chapter.
(8) Section 18 of this chapter.
(9) Section 22 of this chapter.
(10) Section 37 of this chapter.
(11) Section 37.5 of this chapter.
(c) If:
(1) real property is eligible for an assessed value deduction under a section listed in subsection (b) for a particular assessment date;
(2) the individual who owns the real property dies after the assessment date referred to in subdivision (1) and before the next assessment date; and
(3) the real property is placed under the control of:
(A) the personal representative administering the deceased owner's estate under IC 29-1; or
(B) a trustee under the terms of a trust created by the deceased owner;
the real property remains eligible for the deduction that the deceased owner was eligible to receive on the assessment date referred to in subdivision (1) until the termination date specified by subsection (d).
(d) An assessed value deduction allowed under subsection (c) terminates on the earlier of:
(1) the first assessment date following the date on which the personal representative or trustee transfers the real property to a person who does not apply for the deduction; or
(2) December 31 of the second calendar year following the calendar year in which the deceased owner died.
(e) Real property for which an assessed value deduction is allowed under subsection (c) is eligible for the credit for excessive residential property taxes under IC 6-1.1-20.6 that the deceased owner would have been eligible to receive if the deceased owner had not died. The credit for excessive residential property taxes allowed under this subsection terminates on the date on which an assessed value deduction allowed under subsection (c) for the real property terminates under subsection (d).
(b) This section applies to an assessed value deduction under any of the following:
(1) Section 1 of this chapter.
(2) Section 9 of this chapter.
(3) Section 11 of this chapter.
(4) Section 13 of this chapter.
(5) Section 14 of this chapter.
(6) Section 16 of this chapter.
(7) Section 17.4 of this chapter.
(8) Section 18 of this chapter.
(9) Section 22 of this chapter.
(10) Section 37 of this chapter.
(11) Section 37.5 of this chapter.
(c) If:
(1) real property is eligible for an assessed value deduction under a section listed in subsection (b) for a particular assessment date;
(2) the individual who owns the real property dies after the assessment date referred to in subdivision (1) and before the next assessment date; and
(3) the real property is placed under the control of:
(A) the personal representative administering the deceased owner's estate under IC 29-1; or
(B) a trustee under the terms of a trust created by the deceased owner;
the real property remains eligible for the deduction that the deceased owner was eligible to receive on the assessment date referred to in subdivision (1) until the termination date specified by subsection (d).
(d) An assessed value deduction allowed under subsection (c) terminates on the earlier of:
(1) the first assessment date following the date on which the personal representative or trustee transfers the real property to a person who does not apply for the deduction; or
(2) December 31 of the second calendar year following the calendar year in which the deceased owner died.
(e) Real property for which an assessed value deduction is allowed under subsection (c) is eligible for the credit for excessive residential property taxes under IC 6-1.1-20.6 that the deceased owner would have been eligible to receive if the deceased owner had not died. The credit for excessive residential property taxes allowed under this subsection terminates on the date on which an assessed value deduction allowed under subsection (c) for the real property terminates under subsection (d).
SOURCE: ; (13)IN1580.1.2. -->
SECTION 2. An emergency is declared for this act.
