Credit for the elderly; computation
Sec. 7. (a) If for a particular taxable year a county taxpayer is, or
a county taxpayer and his spouse who file a joint return are, allowed
a credit for the elderly or the totally disabled under Section 22 of the
Internal Revenue Code, the county taxpayer is, or the county
taxpayer and his spouse are, entitled to a credit against his or their
county adjusted gross income tax liability for that same taxable year.
The amount of the credit equals the lesser of:
(1) the product of:
(A) his or their credit for the elderly or the totally disabled
for that same taxable year; multiplied by
(B) a fraction, the numerator of which is the county adjusted
gross income tax rate imposed against the county taxpayer,
or the county taxpayer and his spouse, and the denominator
of which is fifteen hundredths (0.15); or
(2) the amount of county adjusted gross income tax imposed on
the county taxpayer, or the county taxpayer and his spouse.
(b) If a county taxpayer and his spouse file a joint return and are
subject to different county adjusted gross income tax rates for the
same taxable year, they shall compute the credit under this section by
using the formula provided by subsection (a), except that they shall
use the average of the two (2) county adjusted gross income tax rates
imposed against them as the numerator referred to in subsections
(a)(1)(B).
As added by P.L.73-1983, SEC.2. Amended by P.L.23-1986, SEC.5;
P.L.63-1988, SEC.9.
Last modified: May 28, 2006