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DIGEST OF INTRODUCED BILL
Property tax deductions. Provides that beginning in 2008, the department of local government finance shall annually adjust the income and assessed value limitations in the property tax deduction for the elderly and the income limitation in the property tax deduction for blind and disabled persons to reflect the percentage increase in United States personal income (as computed by the federal Bureau of Economic Analysis) during the most recent calendar year for which data is available. Provides that in the case of an Indiana resident, the income limitation for these deductions is based on Indiana adjusted gross income.