A trust is entitled to a credit under section 1, 2, 5, or 6 of this chapter for real property owned by the trust and occupied by an individual if the county auditor determines that the individual:

1. (1) upon verification in the body of the deed or otherwise, has either:

   1. (A) a beneficial interest in the trust; or
   2. (B) the right to occupy the real property rent free under the terms of a qualified personal residence trust created by the individual under United States Treasury Regulation 25.2702-5(c)(2); and
2. (2) otherwise qualifies for the credit.

As added by P.L.157-2026, SEC.98.