§ 12-20-25-45 — Adjustments to local income tax; local homestead credit

Indiana § 12-20-25-45

• Jurisdiction: Indiana
• Art. 20: TOWNSHIP ASSISTANCE
• Ch. 25: Township Assistance in Distressed Townships

Text

(a) Notwithstanding IC 6-3.6, after the
termination of the controlled status of all townships located in a county
as provided in section 41 of this chapter and if the local income tax is
imposed under this chapter, the county fiscal body may adopt an
ordinance to:
(1) grant a credit for homesteads that receive a standard deduction
under IC 6-1.1-12-37 in the county; or
(2) reduce the local income tax rate for local taxpayers to a rate
not less than the greater of:
(A) the minimum rate necessary to satisfy the requirements of
section 43 of this chapter; or
(B) the minimum rate necessary to satisfy the requirements of
sections 43 and 46(2) of this chapter if an ordinance is adopted
under subdivision (1).
(b) The increase in the homestead credit percentage must be
uniform for all homesteads in a county.
(c) In an ordinance that increases the homestead credit percentage,
the county fiscal body may provide for a series of increases or
decreases to take place for each of a group of succeeding calendar
years.
(d) An ordinance may be adopted under this section after January 1
but before June 1 of a calendar year.
(e) An ordinance adopted under this section takes effect January 1
of the next calendar year.
(f) An ordinance adopted under this section for a county is not
applicable for a year if on January 1 of that year the local income tax
is not in effect.
[Pre-1992 Revision Citation: 12-2-14-39.]

Legislative History

As added by P.L.2-1992, SEC.14. Amended by P.L.113-2010, SEC.92; P.L.197-2016, SEC.112.