Section 50 IAC 16-7.1-1 - Reductions and refundsAuthority: IC 6-1.1-31-10
Affected: IC 6-1.1-3-7; IC 6-1.1-3-7.5
Sec. 1.
(a) A taxpayer is not entitled to interest on the refund if: (1) the taxpayer files an amended personal property tax return under IC 6-1.1-3-7.5 in order to correct an error made by the taxpayer on the taxpayer's original personal property tax return; and(2) the taxpayer is entitled to a refund of personal property taxes paid by the taxpayer under the original personal property tax return.(b) If a taxpayer files an amended personal property tax return for a year before July 16 of that year, the taxpayer shall pay taxes payable in the immediately succeeding year based on the assessed value reported on the amended return.(c) If a taxpayer files an amended personal property tax return after July 15 of that year, the taxpayer shall pay taxes payable in the immediately succeeding year based on the assessed value reported on the taxpayer's original personal property tax return. Subject to subsection (i), a taxpayer that paid taxes under this subsection is entitled to a credit in the amount of taxes paid by the taxpayer on the remainder of: (1) the assessed value reported on the taxpayer's original personal property tax return; minus(2) the finally determined assessed value that results from the filing of the taxpayer's amended personal property tax return. Except as provided in subsection (h), the county auditor may apply the credit against the taxpayer's property taxes on personal property payable in the year or years that immediately succeed the year in which the taxes were paid, as applicable. The county is not required to pay interest on any amounts that a taxpayer is entitled to receive as a credit under this section.(d) The county auditor may carry a credit to which the taxpayer is entitled under subsection (c) forward to the immediately succeeding year or years, as applicable, and use the credit against the taxpayer's property taxes on personal property as follows:(1) If the amount of the credit to which the taxpayer is initially entitled under subsection (c) does not exceed twenty-five thousand dollars ($25,000), the county auditor may carry the credit forward to the year immediately succeeding the year in which the taxes were paid.(2) If the amount of the credit to which the taxpayer is initially entitled under subsection (c) exceeds twenty-five thousand dollars ($25,000), the county auditor may carry the credit forward for not more than three (3) consecutive years immediately succeeding the year in which the taxes were paid. The credit is reduced each time the credit is applied to the taxpayer's property taxes on personal property in succeeding years by the amount applied.
(e) If an excess credit remains after the credit is applied in the final year to which the credit may be carried forward under subsection (d), the county auditor shall refund to the taxpayer the amount of any excess credit that remains after application of the credit under subsection (d) not later than December 31 of the final year to which the excess credit may be carried.(f) The taxpayer is not required to file an application for a credit under subsection (c) or (d) or a refund under subsection (e).(g) Before August 1 of each year, the county auditor shall provide to each taxing unit in the county an estimate of the total amount of the credits under subsection (c) or (d) that will be applied against taxes imposed by the taxing unit that are payable in the immediately succeeding year.(h) The county auditor may refund a credit amount to a taxpayer before the time the credit would otherwise be applied against property tax payments under this section.(i) The county auditor shall reduce the credit or refund payable to a taxpayer if: (1) the taxpayer files an amended personal property tax return more than six (6) months, but less than twelve (12) months, after the filing date or the extension date for the original property tax return being amended if the taxpayer is granted an extension under IC 6-1.1-3-7; and(2) the taxpayer is entitled to a credit or refund as a result of the amended return. The amount of the reduction is ten percent (10%) of the credit or refund amount.
Department of Local Government Finance; 50 IAC 16-7.1-1; filed 4/27/2016, 12:41 p.m.: 20160525-IR-050150166FRA