Over 65 Credit - Circuit Breaker Credit

Indiana

2021

No Variation in Receipt of Benefits

Credit

The credit is the amount that the current year's tax liability exceeds a 2% increase of the prior year's liability.

Credit to the property tax bill

Residential

Residential property includes the house and garage and up to 1 acre of land surrounding the dwelling.

Age

Homeowner

Income Ceiling

Principal Residence

Property Value Limit

Eligible applicants must be at least 65 with adjusted gross income not to exceed $30,000 for individual ($40,000 for married applicants). Income for eligibility is established as adjusted gross income (AGI), which is further defined as: (1) Begin with gross income as defined in section 61 of the Internal Revenue Code. (2) Subtract any deductions allowed by section 62 of the Internal Revenue Code. In addition, the assessed value of the homestead cannot exceed $200,000. For purposes of determining assessed value for individuals who have received the credit, increases in assessed value that occur after the later of December 31, 2019 or the first year an individual has received the credit, are not considered unless the increase is attributable to physical improvements. An applicant must also have qualified for the standard deduction for homestead property in the year the benefit is filed or the preceding year.

Local government is unable to exercise an option

No local option regarding program features

Local government covers all of its tax loss

The state statutes are silent as to funding the revenue loss.

IN110_RR21