Bill Text: IN HB1396 | 2011 | Regular Session | Introduced
Bill Title: Exception to circuit breaker credit.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-01-18 - First reading: referred to Committee on Ways and Means [HB1396 Detail]
Download: Indiana-2011-HB1396-Introduced.html
Introduced Version
HOUSE BILL No. 1396
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-20.6-7; IC 6-1.1-20.6-7.5; P.L.146-2008,
SECTION 858.
Synopsis: Exception to circuit breaker credit. Eliminates an exception
to the circuit breaker credit for property taxes imposed in Lake County
or St. Joseph County to pay debt service or make lease payments for
bonds or leases issued or entered into before July 1, 2008. Repeals a
provision memorializing a determination made in 2008 by the general
assembly that the circuit breaker limits were expected to reduce in
2010 the aggregate property tax revenue that would otherwise be
collected by all units of local government and school corporations in
Lake County and St. Joseph County by at least 20%.
Effective: January 1, 2012.
Wesco
January 18, 2011, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 117th General Assembly (2011)
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. 1396
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 6-1.1-20.6-7; (11)IN1396.1.1. -->
SECTION 1. IC 6-1.1-20.6-7, AS AMENDED BY P.L.1-2010,
SECTION 30, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2012]: Sec. 7. (a) This subsection applies to property
taxes first due and payable in 2009. A person is entitled to a credit
against the person's property tax liability for property taxes first due
and payable in 2009. The amount of the credit is the amount by which
the person's property tax liability attributable to the person's:
(1) homestead exceeds one and five-tenths percent (1.5%);
(2) residential property exceeds two and five-tenths percent (2.5%);
(3) long term care property exceeds two and five-tenths percent (2.5%);
(4) agricultural land exceeds two and five-tenths percent (2.5%);
(5) nonresidential real property exceeds three and five-tenths percent (3.5%); or
(6) personal property exceeds three and five-tenths percent (3.5%);
of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable in 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person's credit under this section.
(c) This subsection applies to property taxes first due and payable
in 2009. As used in this subsection, "eligible county" means only a
county for which the general assembly determines in 2008 that limits
to property tax liability under this chapter are expected to reduce in
2010 the aggregate property tax revenue that would otherwise be
collected by all units of local government and school corporations in
the county by at least twenty percent (20%). Property taxes imposed in
an eligible county to pay debt service or make lease payments for
bonds or leases issued or entered into before July 1, 2008, shall not be
considered for purposes of calculating a person's credit under this
section.
(1) homestead exceeds one and five-tenths percent (1.5%);
(2) residential property exceeds two and five-tenths percent (2.5%);
(3) long term care property exceeds two and five-tenths percent (2.5%);
(4) agricultural land exceeds two and five-tenths percent (2.5%);
(5) nonresidential real property exceeds three and five-tenths percent (3.5%); or
(6) personal property exceeds three and five-tenths percent (3.5%);
of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable in 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person's credit under this section.
SOURCE: IC 6-1.1-20.6-7.5; (11)IN1396.1.2. -->
SECTION 2. IC 6-1.1-20.6-7.5, AS ADDED BY P.L.146-2008,
SECTION 223, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2012]: Sec. 7.5. (a) A person is entitled to
a credit against the person's property tax liability for property taxes first
due and payable after 2009. The amount of the credit is the amount by
which the person's property tax liability attributable to the person's:
(1) homestead exceeds one percent (1%);
(2) residential property exceeds two percent (2%);
(3) long term care property exceeds two percent (2%);
(4) agricultural land exceeds two percent (2%);
(5) nonresidential real property exceeds three percent (3%); or
(6) personal property exceeds three percent (3%);
of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable after 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person's credit under this section.
(c) This subsection applies to property taxes first due and payable
after 2009. As used in this subsection, "eligible county" means only a
county for which the general assembly determines in 2008 that limits
to property tax liability under this chapter are expected to reduce in
2010 the aggregate property tax revenue that would otherwise be
collected by all units of local government and school corporations in
the county by at least twenty percent (20%). Property taxes imposed in
(1) homestead exceeds one percent (1%);
(2) residential property exceeds two percent (2%);
(3) long term care property exceeds two percent (2%);
(4) agricultural land exceeds two percent (2%);
(5) nonresidential real property exceeds three percent (3%); or
(6) personal property exceeds three percent (3%);
of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable after 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person's credit under this section.
an eligible county to pay debt service or make lease payments for
bonds or leases issued or entered into before July 1, 2008, shall not be
considered for purposes of calculating a person's credit under this
section.
SOURCE: ; (11)IN1396.1.3. -->
SECTION 3. P.L.146-2008, SECTION 858 IS REPEALED
[EFFECTIVE JANUARY 1, 2012].
SOURCE: ; (11)IN1396.1.4. -->
SECTION 4. [EFFECTIVE JULY 1, 2011] (a) Before January 1,
2012, the department of local government finance shall notify the
county auditor in Lake County and St. Joseph County that the
provisions of IC 6-1.1-20.6-7(c) and IC 6-1.1-20.6-7.5(c), as stricken
from the law by this act, no longer apply to property taxes first due
and payable after December 31, 2011.
(b) This SECTION expires January 1, 2012.
(b) This SECTION expires January 1, 2012.
