45 Ind. Admin. Code 3.1-1-78

Current through November 6, 2024

Section 45 IAC 3.1-1-78 - Credit for the elderly

Authority: IC 6-8.1-3-3

Affected: IC 6-3-3-9

Sec. 78.

Credit for the Elderly. A resident individual, and his spouse in the case of a joint return, is allowed a credit for the elderly on his Indiana return provided he qualifies for the credit under Section 37 of the Internal Revenue Code. The allowable credit is equal to the lesser of:

(A) Two-fifteenths (2/15) of tentative credit for the elderly on Federal schedules R and RP; or,

(B) *The remainder of:

(1) total taxes imposed for the taxable year less

(2) any allowable college credit or credit for taxes paid to other states.

*[The sum of college credit, credit for taxes paid to other states, and credit for the elderly may be equal to but cannot exceed the amount of state income tax due to Indiana.]

EXAMPLE:

Indiana Adjusted Gross Income .........	$10,000.00
Tax Liability before Credits ............	200.00
College credit .......................	25.00
Credit for taxes paid to other states ......	125.00
Subtotal ...........................	$ 50.00
Tentative Federal Credit ...............	$ 420.00
2/15 of Federal Credit ................	$ 56.00
Indiana Credit for the Elderly ........... (lesser of $50.00 and $56.00)	$ 50.00

45 IAC 3.1-1-78

Department of State Revenue; Reg 6-3-3-4.1010; filed Oct 15, 1979, 11:15 am: 2 IR 1537; errata, 2 IR 1743

IC 6-3-3-4.1 concerning the credit for the elderly was repealed by P.L. 25-1981, SECTION 9. See, IC 6-3-3-9 concerning the unified tax credit for the elderly.