summary
Introduced
01/08/2025
01/08/2025
In Committee
01/08/2025
01/08/2025
Crossed Over
Passed
Dead
04/24/2025
04/24/2025
Introduced Session
2025 Regular Session
Bill Summary
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.
AI Summary
This bill creates a new tax credit program for Indiana homeowners who repair and preserve older homes, specifically targeting residences at least 85 years old. The tax credit allows homeowners to claim either 20% of qualified preservation or rehabilitation expenditures, or 55% of expenditures related to replacing electrical wiring and fixtures installed before 1940. To qualify, the property must be located in Indiana, owned by the taxpayer, and used as their primary residence. Qualified expenditures must exceed $5,500 and the repair work must be completed within two years. The credit can be carried forward for up to 15 years but cannot be carried back or refunded. The total amount of credits issued statewide is capped at $100,000 per fiscal year, and credits will be approved on a first-come, first-served basis. Importantly, taxpayers cannot claim this credit in the same year they claim the residential historic rehabilitation credit. The tax credit program will take effect for taxable years beginning after December 31, 2025, providing an incentive for homeowners to invest in maintaining and preserving older Indiana homes.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Representative Commons added as coauthor (on 01/21/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://iga.in.gov/legislative/2025/bills/house/1018/details |
| BillText | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1018/HB1018.01.INTR.pdf |
| Fiscal Note #1: Introduced | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1018/fiscal-notes/HB1018.01.INTR.FN001.pdf |
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