Indiana SB0081 amends tax laws, including adjustments to local income tax rates, homestead property tax deductions, and tax credits for first-time.

Indiana SB0081 amends various tax provisions, including the local income tax (LIT) rate cap, homestead property tax deductions, and tax credits for first-time homebuyers and small businesses. It sets the LIT rate cap at 3.75% beginning in 2028, with specific provisions for Marion County. The bill also adjusts the homestead property tax deduction for low-income seniors and provides a tax credit for first-time homebuyers with a mortgage, equal to $3,000 for the first taxable year.

Indiana SB0081 amends tax laws, including adjustments to local income tax rates, homestead property tax deductions, and tax credits for first-time.

Indiana SB0081 amends various tax provisions, including the local income tax (LIT) rate cap, homestead property tax deductions, and tax credits for first-time homebuyers and small businesses. It sets the LIT rate cap at 3.75% beginning in 2028, with specific provisions for Marion County. The bill also adjusts the homestead property tax deduction for low-income seniors and provides a tax credit for first-time homebuyers with a mortgage, equal to $3,000 for the first taxable year.