Credit for elderly or totally disabled persons
Sec. 24. (a) If for a particular taxable year a county taxpayer is, or
a county taxpayer and the taxpayer's 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 the taxpayer's spouse are, entitled to a credit
against the county option income tax liability for that same taxable
year. The amount of the credit equals the lesser of:
(1) the product of:
(A) the 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 option
income tax rate imposed against the county taxpayer, or the
county taxpayer and the taxpayer's spouse, and the
denominator of which is fifteen-hundredths (0.15); or
(2) the amount of county option income tax imposed on the
county taxpayer, or the county taxpayer and the taxpayer's
spouse.
(b) If a county taxpayer and the taxpayer's spouse file a joint
return and are subject to different county option 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 option income tax
rates imposed against them as the numerator referred to in subsection
(a)(1)(B).
As added by P.L.23-1986, SEC.13. Amended by P.L.63-1988,
SEC.10.
Last modified: May 28, 2006