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IN - Mortgage deduction requirements amended

For property tax purposes, legislation is enacted which provides that the form prescribed by the Indiana Department of Local Government Finance (DLGF) to claim the mortgage deduction and the instructions for the form must include a statement specifying that a person is not entitled to the deduction unless the person has a balance on his or her mortgage or contract indebtedness, including any home equity line of credit, that is the basis for the deduction. The statement must specify the penalties for perjury. The DLGF is required to develop a notice that must be displayed in the office of each county auditor concerning the application for the mortgage deduction. Mortgages, contracts, memoranda, and home equity lines of credit must be recorded to be eligible for a mortgage deduction. P.L. 81 (S.B. 223), Laws 2010, effective July 1, 2010