Old home repair tax credit.
Sponsored By: Kyle Pierce (Republican)
Failed
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Kyle Pierce
Republican • House
Cosponsors
Matt Commons
Republican • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Representative Commons added as coauthor
1/21/2025HouseFirst reading: referred to Committee on Ways and Means
1/8/2025HouseAuthored by Representative Pierce K
1/8/2025House
Bill Text
Introduced House Bill (H)
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