§ 6-3.1-20-5 — Amount of credit

Indiana § 6-3.1-20-5

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 20: Income Tax Credit for Property Taxes Paid on

Text

(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 Indiana 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 Indiana 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 Indiana 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.
(e) In the case of a married individual filing a separate return, the
income and dollar amounts in subsections (b) and (c) shall be fifty
percent (50%) of the amounts listed in those subsections.

Legislative History

As added by P.L.151-2001, SEC.5. Amended by P.L.1-2002, SEC.31; P.L.166-2014, SEC.24; P.L.146-2020, SEC.30.