June 18, 2010
Updated Jul 1, 2009 at 4:25 PM EST
FORT WAYNE, Ind. (Indiana's NewsCenter) - Senator Evan Bayh says the "time is now" to end caps on property tax deductions and expand tax cuts.
Bayh paid a visit to Fort Wayne Wednesday morning to explain a new bill he is proposing.
The bill aims to expand a 2008 law that granted property tax deductions to homeowners who do not itemize their deductions. It would also eliminate caps on those deductions.
Right now, deductions are capped at $500 for individuals and $1,000 for families.
Under the bill, an itemizing taxpayer who has $75,000 worth of taxable income and a $3,000 property tax bill would receive a $750 tax cut.
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