Credits for elderly or totally disabled; calculation
Sec. 9. (a) If for a taxable year a county taxpayer is (or a county
taxpayer and a county 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 county taxpayer's spouse are) entitled to a
credit against the county taxpayer's (or the county taxpayer's and the
county taxpayer's spouse's) county economic development income
tax liability for that same taxable year. The amount of the credit
equals the lesser of:
(1) the product of:
(A) the county taxpayer's (or the county taxpayer's and the
county taxpayer's spouse's) credit for the elderly or the
totally disabled for that same taxable year; multipled by
(B) a fraction. The numerator of the fraction is the county
economic development income tax rate imposed against the
county taxpayer (or against the county taxpayer and the
county taxpayer's spouse). The denominator of the fraction
is fifteen-hundredths (0.15); or
(2) the amount of county economic development income tax
imposed on the county taxpayer (or the county taxpayer and the
county taxpayer's spouse).
(b) If a county taxpayer and the county taxpayer's spouse file a
joint return and are subject to different county economic
development 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 economic development income tax rates imposed against
them as the numerator referred to in subsection (a)(1)(B).
As added by P.L.380-1987(ss), SEC.6. Amended by P.L.63-1988,
SEC.11.
Last modified: May 28, 2006