SB 285

Bill Subjects

Abstract

Provides a property tax credit for homesteads (homestead credit), excluding the property tax liability on a homestead for any voter approved referenda, which applies beginning 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 report the determination to the state budget committee on or before March 1, 2025, and on or before March 1 of each odd-numbered year thereafter. Establishes the homestead grant fund (fund) beginning on January 1 of the year in which the homestead credit first applies to provide homestead grants (grants). Provides that appropriations to the fund may not exceed more than: (1) $1,000,000,000 for the first state fiscal year in which the fund takes effect; and (2) for each state fiscal year after the first state fiscal year in which the fund takes effect, $1,000,000,000 increased by 2% each year, compounded annually. Provides that, if the total amount of grant funding exceeds the cap, then the total amount of grants that are determined for the year shall be reduced proportionately on a pro rata basis. Makes an appropriation.