IndianaOld home repair tax credit.
What it does
Allows a credit against a qualified taxpayer's state tax liability in an amount equal to: (1) 20% of the qualified expenditures that a taxpayer makes for the preservation or rehabilitation of the taxpayer's residence; or (2) 55% of the qualified expenditures that a taxpayer makes for the replacement of electrical wiring and fixtures that were added to the property prior to 1940. Provides that the property must be: (1) located in Indiana; (2) at least 85 years old; and (3) owned by the taxpayer. Provides that the preservation or rehabilitation work must be completed in not more than two years.
More detail
Provides that the property must be principally used and occupied by the taxpayer as the taxpayer's residence. Provides that qualified expenditures for preservation or rehabilitation of the property must exceed $5,500. Provides that the credit may be carried forward 15 years, but may not be carried back. Provides that the amount of credits allowed may not exceed $100,000 in a state fiscal year. Provides that a taxpayer that claims the credit may not also claim the residential historic rehabilitation credit for the taxable year.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jan 21Representative Commons added as coauthorLatest
- Jan 8First reading: referred to Committee on Ways and MeansMinor
- Jan 8Authored by Representative Pierce KIntroduced