IC 6-3.1-20
Chapter 20. Income Tax Credit for Property Taxes Paid on
Homesteads
IC 6-3.1-20-1 "Earned income" defined
Sec. 1. As used in this chapter, "earned income" means the sum
of the:
(1) wages, salaries, tips, and other employee compensation; and
(2) net earnings from self-employment (as computed under
Section 32(c)(2) of the Internal Revenue Code);
of an individual taxpayer, and the individual's spouse, if the
individual files a joint adjusted gross income tax return. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-2 "Homestead" defined
Sec. 2. As used in this chapter, "homestead" has the meaning set
forth in IC 6-1.1-12-37. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2009, SEC.51.
IC 6-3.1-20-3 "State income tax liability" defined
Sec. 3. As used in this chapter, "state income tax liability" means
an individual's adjusted gross income tax liability under IC 6-3. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-4 Entitlement to credit
Sec. 4. (a) Except as provided in subsection (b), an individual is
entitled to a credit under this chapter if the:
(1) individual's earned income for the taxable year is less than
eighteen thousand six hundred ($18,600); and
(2) the individual pays property taxes in the taxable year on a
homestead that:
(A) the individual:
(i) owns; or
(ii) is buying under a contract that requires the individual
to pay property taxes on the homestead, if the contract or
a memorandum of the contract is recorded in the county
recorder's office; and
(B) is located in a county having a population of more than
four hundred thousand (400,000) but less than seven
hundred thousand (700,000).
(b) An individual is not entitled to a credit under this chapter for
a taxable year for property taxes paid on the individual's homestead
if the individual claims the deduction under IC 6-3-1-3.5(a)(17) for
the homestead for that same taxable year. As added by P.L.151-2001, SEC.5. IC 6-3.1-20-5 Amount of credit
Sec. 5. (a) Each year, an individual described in section 4 of this
chapter is entitled to a refundable credit against the individual's state
income tax liability in the amount determined under this section.
(b) In the case of an individual with earned income of less than
eighteen thousand dollars ($18,000) for the taxable year, the amount
of the credit is equal to the lesser of:
(1) three hundred dollars ($300); or
(2) the amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(c) In the case of an individual with earned income that is at least
eighteen thousand dollars ($18,000) but less than eighteen thousand
six hundred dollars ($18,600) for the taxable year, the amount of the
credit is equal to the lesser of the following:
(1) An amount determined under the following STEPS:
STEP ONE: Determine the result of:
(i) eighteen thousand six hundred dollars ($18,600); minus
(ii) the individual's earned income for the taxable year.
STEP TWO: Determine the result of:
(i) the STEP ONE amount; multiplied by
(ii) five-tenths (0.5).
(2) The amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(d) If the amount of the credit under this chapter exceeds the
individual's state tax liability for the taxable year, the excess shall be
refunded to the taxpayer. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2002, SEC.31.
IC 6-3.1-20-6 Filing with department required
Sec. 6. To obtain the credit provided by this chapter, an individual
must file with the department information concerning the property
taxes paid on the individual's homestead and any other information
required by the department. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-7 Amount of credits determined by department and deposited in
state general fund
Sec. 7. (a) The department shall before July 1 of each year
determine the amount of credits allowed under this chapter for
taxable years ending before January 1 of the year.
(b) One-half (1/2) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable to the county under
IC 4-33-12-6(d)(2); and
(2) paid instead to the state general fund.
(c) One-sixth (1/6) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable under IC 4-33-12-6(d)(1) to each of
the following:
(A) The largest city by population located in the county.
(B) The second largest city by population located in the
county.
(C) The third largest city by population located in the
county; and
(2) paid instead to the state general fund. As added by P.L.151-2001, SEC.5. Amended by P.L.178-2002,
SEC.51.
IC 6-3.1-20
Chapter 20. Income Tax Credit for Property Taxes Paid on
Homesteads
IC 6-3.1-20-1 "Earned income" defined
Sec. 1. As used in this chapter, "earned income" means the sum
of the:
(1) wages, salaries, tips, and other employee compensation; and
(2) net earnings from self-employment (as computed under
Section 32(c)(2) of the Internal Revenue Code);
of an individual taxpayer, and the individual's spouse, if the
individual files a joint adjusted gross income tax return. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-2 "Homestead" defined
Sec. 2. As used in this chapter, "homestead" has the meaning set
forth in IC 6-1.1-12-37. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2009, SEC.51.
IC 6-3.1-20-3 "State income tax liability" defined
Sec. 3. As used in this chapter, "state income tax liability" means
an individual's adjusted gross income tax liability under IC 6-3. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-4 Entitlement to credit
Sec. 4. (a) Except as provided in subsection (b), an individual is
entitled to a credit under this chapter if the:
(1) individual's earned income for the taxable year is less than
eighteen thousand six hundred ($18,600); and
(2) the individual pays property taxes in the taxable year on a
homestead that:
(A) the individual:
(i) owns; or
(ii) is buying under a contract that requires the individual
to pay property taxes on the homestead, if the contract or
a memorandum of the contract is recorded in the county
recorder's office; and
(B) is located in a county having a population of more than
four hundred thousand (400,000) but less than seven
hundred thousand (700,000).
(b) An individual is not entitled to a credit under this chapter for
a taxable year for property taxes paid on the individual's homestead
if the individual claims the deduction under IC 6-3-1-3.5(a)(17) for
the homestead for that same taxable year. As added by P.L.151-2001, SEC.5. IC 6-3.1-20-5 Amount of credit
Sec. 5. (a) Each year, an individual described in section 4 of this
chapter is entitled to a refundable credit against the individual's state
income tax liability in the amount determined under this section.
(b) In the case of an individual with earned income of less than
eighteen thousand dollars ($18,000) for the taxable year, the amount
of the credit is equal to the lesser of:
(1) three hundred dollars ($300); or
(2) the amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(c) In the case of an individual with earned income that is at least
eighteen thousand dollars ($18,000) but less than eighteen thousand
six hundred dollars ($18,600) for the taxable year, the amount of the
credit is equal to the lesser of the following:
(1) An amount determined under the following STEPS:
STEP ONE: Determine the result of:
(i) eighteen thousand six hundred dollars ($18,600); minus
(ii) the individual's earned income for the taxable year.
STEP TWO: Determine the result of:
(i) the STEP ONE amount; multiplied by
(ii) five-tenths (0.5).
(2) The amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(d) If the amount of the credit under this chapter exceeds the
individual's state tax liability for the taxable year, the excess shall be
refunded to the taxpayer. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2002, SEC.31.
IC 6-3.1-20-6 Filing with department required
Sec. 6. To obtain the credit provided by this chapter, an individual
must file with the department information concerning the property
taxes paid on the individual's homestead and any other information
required by the department. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-7 Amount of credits determined by department and deposited in
state general fund
Sec. 7. (a) The department shall before July 1 of each year
determine the amount of credits allowed under this chapter for
taxable years ending before January 1 of the year.
(b) One-half (1/2) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable to the county under
IC 4-33-12-6(d)(2); and
(2) paid instead to the state general fund.
(c) One-sixth (1/6) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable under IC 4-33-12-6(d)(1) to each of
the following:
(A) The largest city by population located in the county.
(B) The second largest city by population located in the
county.
(C) The third largest city by population located in the
county; and
(2) paid instead to the state general fund. As added by P.L.151-2001, SEC.5. Amended by P.L.178-2002,
SEC.51.
IC 6-3.1-20
Chapter 20. Income Tax Credit for Property Taxes Paid on
Homesteads
IC 6-3.1-20-1 "Earned income" defined
Sec. 1. As used in this chapter, "earned income" means the sum
of the:
(1) wages, salaries, tips, and other employee compensation; and
(2) net earnings from self-employment (as computed under
Section 32(c)(2) of the Internal Revenue Code);
of an individual taxpayer, and the individual's spouse, if the
individual files a joint adjusted gross income tax return. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-2 "Homestead" defined
Sec. 2. As used in this chapter, "homestead" has the meaning set
forth in IC 6-1.1-12-37. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2009, SEC.51.
IC 6-3.1-20-3 "State income tax liability" defined
Sec. 3. As used in this chapter, "state income tax liability" means
an individual's adjusted gross income tax liability under IC 6-3. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-4 Entitlement to credit
Sec. 4. (a) Except as provided in subsection (b), an individual is
entitled to a credit under this chapter if the:
(1) individual's earned income for the taxable year is less than
eighteen thousand six hundred ($18,600); and
(2) the individual pays property taxes in the taxable year on a
homestead that:
(A) the individual:
(i) owns; or
(ii) is buying under a contract that requires the individual
to pay property taxes on the homestead, if the contract or
a memorandum of the contract is recorded in the county
recorder's office; and
(B) is located in a county having a population of more than
four hundred thousand (400,000) but less than seven
hundred thousand (700,000).
(b) An individual is not entitled to a credit under this chapter for
a taxable year for property taxes paid on the individual's homestead
if the individual claims the deduction under IC 6-3-1-3.5(a)(17) for
the homestead for that same taxable year. As added by P.L.151-2001, SEC.5. IC 6-3.1-20-5 Amount of credit
Sec. 5. (a) Each year, an individual described in section 4 of this
chapter is entitled to a refundable credit against the individual's state
income tax liability in the amount determined under this section.
(b) In the case of an individual with earned income of less than
eighteen thousand dollars ($18,000) for the taxable year, the amount
of the credit is equal to the lesser of:
(1) three hundred dollars ($300); or
(2) the amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(c) In the case of an individual with earned income that is at least
eighteen thousand dollars ($18,000) but less than eighteen thousand
six hundred dollars ($18,600) for the taxable year, the amount of the
credit is equal to the lesser of the following:
(1) An amount determined under the following STEPS:
STEP ONE: Determine the result of:
(i) eighteen thousand six hundred dollars ($18,600); minus
(ii) the individual's earned income for the taxable year.
STEP TWO: Determine the result of:
(i) the STEP ONE amount; multiplied by
(ii) five-tenths (0.5).
(2) The amount of property taxes described in section 4(a)(2) of
this chapter paid by the individual in the taxable year.
(d) If the amount of the credit under this chapter exceeds the
individual's state tax liability for the taxable year, the excess shall be
refunded to the taxpayer. As added by P.L.151-2001, SEC.5. Amended by P.L.1-2002, SEC.31.
IC 6-3.1-20-6 Filing with department required
Sec. 6. To obtain the credit provided by this chapter, an individual
must file with the department information concerning the property
taxes paid on the individual's homestead and any other information
required by the department. As added by P.L.151-2001, SEC.5.
IC 6-3.1-20-7 Amount of credits determined by department and deposited in
state general fund
Sec. 7. (a) The department shall before July 1 of each year
determine the amount of credits allowed under this chapter for
taxable years ending before January 1 of the year.
(b) One-half (1/2) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable to the county under
IC 4-33-12-6(d)(2); and
(2) paid instead to the state general fund.
(c) One-sixth (1/6) of the amount determined by the department
under subsection (a) shall be:
(1) deducted during the year from the riverboat admissions tax
revenue otherwise payable under IC 4-33-12-6(d)(1) to each of
the following:
(A) The largest city by population located in the county.
(B) The second largest city by population located in the
county.
(C) The third largest city by population located in the
county; and
(2) paid instead to the state general fund. As added by P.L.151-2001, SEC.5. Amended by P.L.178-2002,
SEC.51.
