Amount of credit
Sec. 6. (a) The amount of the credit to which a taxpayer is entitled
under this chapter equals the product of:
(1) the percentage prescribed in subsection (b); multiplied by
(2) the amount of the ad valorem property taxes, excluding
interest and penalties, paid by the taxpayer in the taxable year
on the tangible property described in section 5 of this chapter.
(b) The percentage of the credit referred to in subsection (a)(1) is
as follows:
YEAR PERCENTAGE
OF THE CREDIT
2001 100%
2002 80%
2003 60%
2004 40%
2005 20%
As added by P.L.291-2001, SEC.149.
Last modified: May 28, 2006