House Bills Related to Tax and Assessment Filed for the 2013 Session

DIGEST OF INTRODUCED BILL Public mass transportation. Specifies that a county or city council (other than the city-county council of Marion County) may elect by ordinance to provide revenue to a public transportation corporation from the city's or the county's distributive share of county adjusted gross income taxes, county option income taxes, or county economic development income taxes. Authorizes the establishment of a metropolitan transit district by specified eligible counties through local public questions. Authorizes the metropolitan transit district to: (1) construct or acquire any public transportation facility; (2) provide public transportation service by operating public transportation facilities; and (3) issue bonds and otherwise incur indebtedness. Authorizes the Indiana finance authority to issue bonds and use the proceeds to acquire any obligations issued by a metropolitan transit district. Provides that in a county that has approved the local public question, an additional county economic development income tax (CEDIT) rate of not more than 0.3% may be imposed to pay the county's contribution to the funding of the metropolitan transit district. Specifies that the CEDIT rate may not exceed the recommended tax.

DIGEST OF INTRODUCED BILL Income tax credit for specialty drugs. Provides a refundable individual income tax credit to the extent that a taxpayer's copayment or coinsurance amount in a particular year for specialty drugs exceeds 8% of the taxpayer's federal adjusted gross income for that year. Defines "specialty drug" as a drug that meets the following conditions: (1) The amount of coinsurance or copayments paid for the drug is more than $600 per month. (2) The drug is included in a specialty pricing group or tier. (3) The drug satisfies other requirements concerning use, handling, and patient management. (The introduced version of this bill was prepared by the health finance commission.)

DIGEST OF INTRODUCED BILL Financial institutions tax rate reduction. Reduces the financial institutions franchise tax rate over four years, from 8.5% for taxable years beginning before January 1, 2014, to 6.5% for taxable years beginning on or after January 1, 2017.

DIGEST OF INTRODUCED BILL Hoosier business investment tax credit. Permits the Indiana economic development corporation to grant a Hoosier business investment income tax credit that is entirely or partly refundable to the taxpayer or to a pass through entity. Specifies that the corporation's discretion to grant a refundable credit applies to credit awards approved and investments made on or after July 1, 2013. Repeals a term no longer used in the Hoosier business investment tax credit statutes. (The introduced version of this bill was prepared by the interim study committee on economic development.)

DIGEST OF INTRODUCED BILL New markets job growth income tax credit. Establishes a new markets job growth credit against state tax liability for investments made by a taxpayer in a qualified community development entity that then uses the proceeds of the investment to make investments in certain qualified low income community businesses located in Indiana. Specifies that the tax credit is equal to an applicable percentage multiplied by the purchase price of the qualified investment. Provides that the applicable percentage is 0% for the first and second credit allowance dates, 7% for the third credit allowance date, and 8% for the fourth, fifth, sixth, and seventh credit allowance dates. Provides that a taxpayer is not entitled to a carryback or refund of an unused tax credit, but the taxpayer may carry over excess credit amounts for not more than five subsequent taxable years. Requires the Indiana economic development corporation to limit the monetary amount of qualified equity investments to an amount necessary to limit the claiming of the tax credit to not more than $20,000,000 in any state fiscal year (based on the anticipated use of the tax credits without regard to the potential for taxpayers to carry forward tax credits to later tax years). (The introduced version of this bill was prepared by the interim study committee on economic development.)

DIGEST OF INTRODUCED BILL Assessment of real property. Provides that after the assessed value of real property is determined in an appeal, the amount by which the assessed value of the real property can increase in the next three years is limited.

DIGEST OF INTRODUCED BILL Veteran's excise tax credit. Allows certain disabled veterans, surviving spouses of certain disabled veterans, and World War I veterans or their surviving spouses to claim a credit against the annual motor vehicle excise tax, regardless of whether the veteran or surviving spouse owns or is buying other real or personal property against which the veteran or surviving spouse may claim a property tax deduction for disabled veterans, surviving spouses of disabled veterans, or World War I veterans or their surviving spouses.

DIGEST OF INTRODUCED BILL Referenda for projects and school levies. Provides that a referendum on a controlled project may be held only at a general election, if the preliminary determination to issue bonds or enter into a lease for the controlled project is made after June 30, 2013. Provides that a referendum for a referendum tax levy of a school corporation may be held only at a general election, if the resolution to hold the referendum is adopted after June 30, 2013.

DIGEST OF INTRODUCED BILL Sales tax exemption for farm drainage property. Provides that a component of a farm drainage system is exempt from sales tax if the person acquiring the component is engaged in the business of agriculture. Provides that equipment used to install, repair, or maintain a farm drainage system is exempt from sales tax if the person acquiring the component is engaged in the business of agriculture.

DIGEST OF INTRODUCED BILL LIFE postsecondary education scholarships. Establishes the Indiana lifelong learning incentive for excellence (LIFE) scholarship program to provide scholarships to Indiana residents for postsecondary education. Provides for administration of the program by the commission for higher education. Sets forth the amount of a scholarship award, subject to appropriations of the general assembly. Provides eligibility criteria for potential recipients. Establishes the LIFE scholarship fund consisting of slot machine wagering taxes collected after June 30, 2013, and riverboat admissions taxes that would have otherwise been deposited into the state general fund to replace the admissions tax subsidy for horse racing. Makes an appropriation.

DIGEST OF INTRODUCED BILL Veteran's property tax deduction. Provides that after the 2013 assessment dates, the assessed value of an individual's tangible property may not be considered when determining whether the individual is eligible for the property tax deduction for: (1) totally disabled veterans; or (2) veterans who are at least 62 years of age and have a disability of at least 10%.

Source: http://indianapropertytaxreporter.blogspot.com/2013/01/house-bills-related-to-tax-and.html

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