SB0368: A BILL FOR AN ACT to amend the Indiana Code concerning taxation and to make an appropriation.

Page last updated: Sunday, April 20, 2025 at 7:50 PM (America/Indianapolis).

General Information

• Stage: Introduced Senate Bill (S)
• Current Chamber: senate
• Origin Chamber: senate
• Description: Homestead exemption for persons at least age 65.

Legislators

Actions (2 total)

• Jan 13, 2025, 11:35 AM: First reading: referred to Committee on Tax and Fiscal Policy
• Jan 13, 2025, 11:35 AM: Authored by Senator Young M

Digest

Eliminates property taxes on primary residences for those who are at least 65 years of age (qualified homesteads) beginning with the assessment date on January 1 of the year that immediately succeeds the year in which the balance in the pension stabilization fund is sufficient to pay the liabilities of the pre-1996 account without the need for further appropriation by the general assembly. Requires the Indiana public retirement system to determine whether the balance of the pension stabilization fund is sufficient to pay the liabilities of the pre-1996 account without the need for an appropriation by the general assembly and certify the determination to the budget committee on or before March 1, 2026, and on or before March 1 of each odd-numbered year thereafter. Provides an annual state distribution to offset the property tax elimination for qualified homesteads based on the amount of property taxes that otherwise would be due on the qualified homesteads. Makes an ongoing appropriation.