Indiana 2025 Regular Session

Indiana Senate Bill SB0025 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	SENATE BILL No. 25
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 6-3-2-6.
7	7	Synopsis: Income tax deduction for renters. Increases the maximum
8	8	renter's deduction for income tax purposes from $3,000 to $4,000 per
9	9	taxable year.
10	10	Effective: January 1, 2025 (retroactive).
11	11	Tomes
12	12	January 8, 2025, read first time and referred to Committee on Tax and Fiscal Policy.
13	13	2025 IN 25—LS 6011/DI 120 Introduced
14	14	First Regular Session of the 124th General Assembly (2025)
15	15	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
16	16	Constitution) is being amended, the text of the existing provision will appear in this style type,
17	17	additions will appear in this style type, and deletions will appear in this style type.
18	18	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
19	19	provision adopted), the text of the new provision will appear in this style type. Also, the
20	20	word NEW will appear in that style type in the introductory clause of each SECTION that adds
21	21	a new provision to the Indiana Code or the Indiana Constitution.
22	22	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
23	23	between statutes enacted by the 2024 Regular Session of the General Assembly.
24	24	SENATE BILL No. 25
25	25	A BILL FOR AN ACT to amend the Indiana Code concerning
26	26	taxation.
27	27	Be it enacted by the General Assembly of the State of Indiana:
28	28	1 SECTION 1. IC 6-3-2-6, AS AMENDED BY P.L.146-2020,
29	29	2 SECTION 23, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
30	30	3 JANUARY 1, 2025 (RETROACTIVE)]: Sec. 6. (a) Each taxable year,
31	31	4 an individual who rents a dwelling for use as the individual's principal
32	32	5 place of residence may deduct from the individual's adjusted gross
33	33	6 income (as defined in IC 6-3-1-3.5(a)), the lesser of:
34	34	7 (1) the amount of rent paid by the individual with respect to the
35	35	8 dwelling during the taxable year; or
36	36	9 (2) three thousand dollars ($3,000). four thousand dollars
37	37	10 ($4,000).
38	38	11 (b) Notwithstanding subsection (a):
39	39	12 (1) a married couple filing a joint return for a particular taxable
40	40	13 year may not claim a deduction under this section of more than
41	41	14 three thousand dollars ($3,000); four thousand dollars ($4,000);
42	42	15 and
43	43	16 (2) a married individual filing a separate return for a particular
44	44	17 taxable year may not claim a deduction under this section of more
45	45	2025 IN 25—LS 6011/DI 120 2
46	46	1 than one thousand five hundred dollars ($1,500). two thousand
47	47	2 dollars ($2,000).
48	48	3 (c) The deduction provided by this section does not apply to an
49	49	4 individual who rents a dwelling that is exempt from Indiana property
50	50	5 tax.
51	51	6 (d) For purposes of this section, a "dwelling" includes a single
52	52	7 family dwelling and unit of a multi-family dwelling.
53	53	8 SECTION 2. [EFFECTIVE JANUARY 1, 2025 (RETROACTIVE)]
54	54	9 (a) IC 6-3-2-6, as amended by this act, applies to taxable years
55	55	10 beginning after December 31, 2024.
56	56	11 (b) This SECTION expires January 1, 2028.
57	57	12 SECTION 3. An emergency is declared for this act.
58	58	2025 IN 25—LS 6011/DI 120