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Indiana Code Title 6. Taxation § 6-1.1-12-43

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 43. (a) For purposes of this section:

(1) “benefit” refers to a deduction under section 9 (before its expiration), 11 (before its expiration), 13, 14, 16 (before its expiration), 17.4 (before its expiration), 26 (before its expiration), 29 (before its expiration), 33 (before its expiration), 34 (before its expiration), 37, or 37.5 of this chapter;

(2) “closing agent” means a person that closes a transaction;

(3) “customer” means an individual who obtains a loan in a transaction;  and

(4) “transaction” means a single family residential:

(A) first lien purchase money mortgage transaction;  or

(B) refinancing transaction.

(b) Before closing a transaction after December 31, 2004, a closing agent must provide to the customer the form referred to in subsection (c).

(c) Before June 1, 2004, the department of local government finance shall prescribe the form to be provided by closing agents to customers under subsection (b).  The department shall make the form available to closing agents, county assessors, county auditors, and county treasurers in hard copy and electronic form.  County assessors, county auditors, and county treasurers shall make the form available to the general public.  The form must:

(1) on one (1) side:

(A) list each benefit;  and

(B) list the eligibility criteria for each benefit;

(2) on the other side indicate:

(A) each action by and each type of documentation from the customer required to file for each benefit;  and

(B) sufficient instructions and information to permit a party to terminate a standard deduction under section 37 of this chapter on any property on which the party or the spouse of the party will no longer be eligible for the standard deduction under section 37 of this chapter after the party or the party's spouse begins to reside at the property that is the subject of the closing, including an explanation of the tax consequences and applicable penalties, if a party unlawfully claims a standard deduction under section 37 of this chapter;  and

(3) be printed in one (1) of two (2) or more colors prescribed by the department of local government finance that distinguish the form from other documents typically used in a closing referred to in subsection (b).

(d) A closing agent:

(1) may reproduce the form referred to in subsection (c);

(2) in reproducing the form, must use a print color prescribed by the department of local government finance;  and

(3) is not responsible for the content of the form referred to in subsection (c) and shall be held harmless by the department of local government finance from any liability for the content of the form.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-1.1-12-43 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-1-1-12-43/

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