SB 359 IN

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Provides a credit against an individual's homestead property tax liability equal to the amount by which the property tax liability increases by more than 10% from the prior year. Requires the county auditor to apply the credit against an individual's homestead property tax liability without the need to file an application. Provides that the minimum property tax liability for an individual's homestead is an amount equal to the result of: (1) the property tax liability first due and payable on the homestead for the immediately preceding calendar year; multiplied by (2) 0.9. Increases the: (1) amount of certain personal exemptions from $1,000 to $2,500 for individual taxpayers who satisfy certain income criteria; and (2) amount of property taxes paid by an individual taxpayer on the individual's principal place of residence from $2,500 to $3,500; that may be subtracted from an individual's federal adjusted gross income. Increases the renter's deduction to $4,000 for state income tax purposes.

• Fady Qaddoura Democratic · author

1. Jan 12, 2023 Authored by Senator Qaddoura · upper
2. Jan 12, 2023 First reading: referred to Committee on Tax and Fiscal Policy · 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) · Jan 12, 2023 · PDF