Credit for elderly or totally disabled
Sec. 17. (a) If, for a particular taxable year, an individual taxpayer
is allowed, or a municipal taxpayer and the municipal 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
(as defined in IC 6-3-1-11), the municipal taxpayer is entitled or the
municipal taxpayer and the municipal taxpayer's spouse are entitled
to a credit against their municipal option income tax liability for that
same taxable year. The amount of the credit equals the lesser of the
following:
(1) The product of:
(A) the credit for the elderly or the totally disabled for the
same taxable year; multiplied by
(B) a fraction. The numerator is the municipal option income
tax rate imposed against the municipal taxpayer or the
municipal taxpayer and the municipal taxpayer's spouse. The
denominator is fifteen-hundredths (0.15).
(2) The amount of municipal option income tax imposed on the
municipal taxpayer or the municipal taxpayer and the municipal
taxpayer's spouse.
(b) If a municipal taxpayer and the municipal taxpayer's spouse
file a joint return and are subject to different municipal option
income tax rates for the same taxable year, they shall compute the
credit under this section by using the formula provided in subsection
(a), except that they shall use the average of the two (2) tax rates
imposed against them as the numerator referred to in subsection
(a)(1)(B).
As added by P.L.151-2001, SEC.6.
Last modified: May 28, 2006