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Friday, October 29, 2004
Indiana Law - Another view on the proposed tax amendment to the Indiana Constitution
Lesley Stedman Weidenbener of the Louisville Courier-Journal has a story today headlined: "Tax amendment sparks some debate: Property levies would be affected." Some quotes:
INDIANAPOLIS — Indiana voters face three constitutional questions on Tuesday's ballot, but only one — a proposed change in property taxation — has generated debate.Public Question 1 asks voters to give lawmakers the authority to cut taxes on some classes of property — owner-occupied homes, business inventory and commercial equipment.
If approved, the change would legitimize tax breaks that already exist in law, including the homestead tax credit that significantly reduces property taxes for owners of the homes they live in. That credit was used to blunt the effect of recent court-ordered changes in the state's assessment system. * * *
The change also would make it easier for the state to eliminate the property taxes that companies pay on their inventories. Under current state law, companies must pay the tax, although by 2007 all companies will receive a credit for their payments on their income taxes. If the amendment is approved, the companies simply wouldn't pay the tax. * * *
If the constitution is amended, lawmakers could more freely differentiate among property owners.
Not everyone thinks that's a good idea. The Indiana Farm Bureau opposes the amendment, fearing that the property tax burden will shift from homeowners and businesses toward farmers.
Posted by Marcia Oddi on October 29, 2004 08:40 AM
Posted to Indiana Law