Signed by Governor Mike Braun

Vote Smart's Synopsis:

Vote to pass a bill that establishes local government finance and expands tax exemptions for veterans, nonprofits, and childcare providers in Indiana.

Highlights:

• Establishes local government finance and expands tax exemptions for veterans, nonprofits, and childcare providers in Indiana (Sec. 1-159).

• Repeals an increase in the business personal property tax exemption for 2025 that was previously approved in Senate Enrolled Act 1 and specifies that instead of jumping to $1 million in 2025, the exemption will remain at the $80,000 in current law and rise to $2,000,000 starting with the 2026 assessment date and beyond (Sec. 1-159).

• Specifies that the agricultural base rate in Senate Enrolled Act 1 additionally will not apply for the January 2025 assessment date for land that is considered “inventory” (Sec. 1-159).

• Specifies that although Senate Enrolled Act 1 repealed traditional property tax deductions for veterans and replaced them with local credits, trailer language repeals those new local credits and reinstates the traditional veteran deductions that existed previously (Sec. 1-159).

• Specifies that the provisions of this bill declare an emergency and shall take effect immediately upon passage and approval by the Governor (Sec. 160).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes local government finance and expands tax exemptions for veterans, nonprofits, and childcare providers in Indiana.

Highlights:

• Establishes local government finance and expands tax exemptions for veterans, nonprofits, and childcare providers in Indiana (Sec. 1-159).

• Repeals an increase in the business personal property tax exemption for 2025 that was previously approved in Senate Enrolled Act 1 and specifies that instead of jumping to $1 million in 2025, the exemption will remain at the $80,000 in current law and rise to $2,000,000 starting with the 2026 assessment date and beyond (Sec. 1-159).

• Specifies that the agricultural base rate in Senate Enrolled Act 1 additionally will not apply for the January 2025 assessment date for land that is considered “inventory” (Sec. 1-159).

• Specifies that although Senate Enrolled Act 1 repealed traditional property tax deductions for veterans and replaced them with local credits, trailer language repeals those new local credits and reinstates the traditional veteran deductions that existed previously (Sec. 1-159).

• Specifies that the provisions of this bill declare an emergency and shall take effect immediately upon passage and approval by the Governor (Sec. 160).

Full Bill Text