Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Just proposed
A lawmaker wrote this idea down and officially asked the government to consider it.
Next: a committee studies it and decides if it moves forward.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Old home repair tax credit. 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. 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.
