SB0238

Adjusts local income tax rates and property tax provisions.

Amends provisions added in SEA 1 in the 2025 session that require the department of local government finance to neutralize the effect of certain property tax provisions enacted in that bill. Amends the threshold for the business personal property tax exemption enacted in SEA 1 in the 2025 session. Reinstates excess tax levy a credit under IC 6-1.1-20.6-7.5 that limits the taxpayer's property tax liability for the property to one percent (1%). Revenue collected from a tax rate imposed under this section may only be used to fund replacement of the county's property tax levy.