Sec. 25. (a) This section applies only to an individual who in 2008 paid property taxes that:
(1) were imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date;
(2) are due after December 31, 2007; and
(3) are paid on or before the due date for the property taxes.
(b) As used in this section, "adjusted gross income" has the meaning set forth in IC 6-3-1-3.5.
(c) An individual described in subsection (a) is entitled to a deduction from the individual's adjusted gross income for a taxable year beginning after December 31, 2007, and before January 1, 2009, in an amount equal to the amount determined in the following STEPS:
STEP ONE: Determine the lesser of:
(A) two thousand five hundred dollars ($2,500); or
(B) the total amount of property taxes imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date and paid in 2007 or 2008.
STEP TWO: Determine the greater of zero (0) or the result of:
(A) the STEP ONE result; minus
(B) the total amount of property taxes that:
(i) were imposed on the individual's principal place of residence for the March 1, 2006, assessment date or the January 15, 2007, assessment date;
(ii) were paid in 2007; and
(iii) were deducted from the individual's adjusted gross income under IC 6-3-1-3.5(a)(13) by the individual on the individual's state income tax return for a taxable year beginning before January 1, 2008.
(d) The deduction under this section is in addition to any deduction that an individual is otherwise entitled to claim under IC 6-3-1-3.5(a)(13). However, an individual may not deduct under IC 6-3-1-3.5(a)(13) any property taxes deducted under this section.
As added by P.L.220-2011, SEC.139. Amended by P.L.6-2012, SEC.50; P.L.250-2015, SEC.25.
Structure Indiana Code
Chapter 2. Imposition of Tax and Deductions
6-3-2-0.3. Intent of General Assembly Adding Section 2.3 of This Chapter
6-3-2-1. Tax Rate; Calculations Required for Purposes of Determining Tax Rate
6-3-2-2.2. Interest Income, Discounts, and Receipts Attributable to State
6-3-2-2.3. In-State Commercial Printing for Out-of-State Customer
6-3-2-2.5. Resident Persons; Net Operating Loss; Adjusted Gross Income
6-3-2-2.5-b. Resident Persons; Net Operating Loss; Adjusted Gross Income
6-3-2-2.6. Corporations and Nonresident Persons; Net Operating Losses
6-3-2-2.6-b. Corporations and Nonresident Persons; Net Operating Losses
6-3-2-2.7. Team Members; Indiana Income; Rules
6-3-2-3.1. Taxation; Nonprofit Entities; Unrelated Business Income
6-3-2-3.2. Indiana Income of Race Team Members
6-3-2-3.5. Exemption; Fares for Public Transportation Services
6-3-2-3.7. Remainder of Federal Civil Service Annuity Minus Certain Retirement Benefits; Deduction
6-3-2-4. Military Service Deduction; Retirement Income or Survivor's Benefits Deduction
6-3-2-6. Deduction; Rent Payments
6-3-2-8. Enterprise Zone Employers; Exemption From Deduction
6-3-2-9. Disability Retirement; Deduction; Amount
6-3-2-10. Unemployment Compensation; Deduction
6-3-2-11. Deductions From Adjusted Gross Income; Federal Employee Paid Leave
6-3-2-12. Foreign Source Dividends; Deduction; Computation
6-3-2-14.1. Prize Money Accruing Before July 1, 2002; Exemption
6-3-2-16. Transactions Between Taxable Entity and Unitary Taxpayer Subject to Ic 6-5.5
6-3-2-19. Distributions for Higher Education; Exemptions
6-3-2-20. Corporations; Intangible Expenses; Directly Related Interest Expenses; Exceptions
6-3-2-21.7. Exemption for Certain Income Derived From Patents
6-3-2-22. Deduction; Unreimbursed Education Expenditures
6-3-2-24. Income Tax Exemption; Olympic Medalist
6-3-2-26. Deduction for Contributions to a Regional Development Authority Infrastructure Fund