Rep. Davis' property tax reform bill accepted in the House STATEHOUSE - A bill penned by State Rep. Bill Davis (R-Portland) was approved by the Indiana House on Monday. House Bill 1435 changes the way personal property tax amendments and reimbursements are handled. Under current law, changes to personal property tax returns must be filed within six months of the original filing of taxes. HB 1435 extends the deadline to a full year after the original deadline. If amendments occur between six months to a year, the amount of the return will be decreased by 10 percent. For returns of $25,000 or more, the return would be applied to future tax bills over the next three years. If there is any balance remaining after the three years, the remainder would be refunded in the third year. Returns of less than $25,000 would be credited entirely to the next tax bill. "This bill is meant to give Hoosiers a little extra time to make any changes to their personal property taxes," said Rep. Davis. "Many times people don't realize that they made mistakes on their taxes until they start to look at their taxes the next year, and by that time it is usually too late to make changes. This gives Hoosiers more time to make necessary changes." The bill passed the House by a vote of 96-2 and now moves to the Senate for consideration. -30- |
