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House Bill 1072

House Bill 1072

ARCHIVE (2012)

Latest Information

DIGEST OF HB 1072 (Updated March 10, 2012 12:31 am - DI 51)

Tax administration. Changes dates for budget and levy adoption actions. Changes property tax, sales tax, and income tax reporting and filing requirements. Specifies the assessed value for outdoor signs. Changes the formula for applying the circuit breaker among debt and nondebt levies, permits the department of local government finance to authorize the exclusion of more than 2% of the assessed value of a taxing unit for purposes of calculating property tax rates, and changes the formula for calculating adjustments to the maximum permissible tax rate for cumulative funds and capital project funds to reflect changes in the total assessed value in a taxing unit. Provides for a loan to replace revenue lost from applying the prior adjustment formula. Expands the circumstances under which the budgets and supplemental budgets of a political subdivision with a nonelected governing body (other than a library) is subject to review by a county, city, or town fiscal body. Exempts from the utility receipts tax any payments of severance damages or other compensation resulting from a change in assigned service area boundaries. Provides a sales tax exemption for sales of wrapping material and empty containers that are acquired for shipping or delivery and a sales tax exemption concerning recycling. Provides a property tax deduction for solar power devices. Extends the Hoosier business investment tax credit, the venture capital investment tax credit, the alternative fuel vehicle manufacturer tax credit, and the new employer tax credit. Removes (from current law) the prohibition of taking a case to the tax court if the department of state revenue takes longer than three years to settle a claim. Permits an additional local income tax rate in Starke County. Provides for an adjustment of certain maximum levy limits for two townships in Jasper County and the Frontier School Corporation. Makes changes in the administration of local income tax laws. Changes the date that a Miami County resolution related to the use of local income taxes for property tax credits takes effect. Eliminates certain local income tax rates for Tippecanoe County and Parke County. Makes changes related to the allocation of certain taxes in Allen County. Updates certain internal references to population and the Internal Revenue Code. Provides that the projection of the jobs to be created by a project funded from the Indiana twenty- first century research and technology fund may not be kept confidential. Provides for a continuous abatement notice regarding weeds and vegetation. Permits a political subdivision or municipally owned utility to collect a fee for a credit or bank card payment. Permits a political subdivision or the board of a municipally owned utility to use an electronic funds transfer method of payment of claims. Provides that a county auditor may require an individual to provide evidence proving that the individual's residence is the individual's principal place of residence for purposes of the homestead standard deduction. Requires various legislative studies.
Current Status:
Law Enacted
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