SB 285 IN

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Provides a property tax credit for homesteads (homestead credit), excluding the property tax liability on a homestead for any voter approved referenda, which applies beginning on January 1 of the year that immediately succeeds the year in which the balance in the pension stabilization fund is sufficient to pay the liabilities of the pre-1996 account without the need for further appropriation by the general assembly. Requires the Indiana public retirement system to determine whether the balance of the pension stabilization fund is sufficient to pay the liabilities of the pre-1996 account without the need for an appropriation by the general assembly and report the determination to the state budget committee on or before March 1, 2025, and on or before March 1 of each odd-numbered year thereafter. Establishes the homestead grant fund (fund) beginning on January 1 of the year in which the homestead credit first applies to provide homestead grants (grants). Provides that appropriations to the fund may not exceed more than: (1) $1,000,000,000 for the first state fiscal year in which the fund takes effect; and (2) for each state fiscal year after the first state fiscal year in which the fund takes effect, $1,000,000,000 increased by 2% each year, compounded annually. Provides that, if the total amount of grant funding exceeds the cap, then the total amount of grants that are determined for the year shall be reduced proportionately on a pro rata basis. Makes an appropriation.

• Ryan Mishler Republican · author
• Eric Bassler Republican · author
• Michael Young Republican · author

1. Jan 16, 2024 Authored by Senator Mishler · upper
2. Jan 16, 2024 First reading: referred to Committee on Appropriations · upper
3. Jan 25, 2024 Senator Bassler added as second author · upper
4. Jan 25, 2024 Senator Young M added as third author · upper
5. Jan 25, 2024 Senator Niezgodski added as coauthor · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced Senate Bill (S) · PDF