HB 1256 Summary

• Provides a two-year adjusted gross income deduction for corporations classified as "new Indiana employers" for taxable years including any part of 2010 or 2011.

• New Indiana employers can deduct 66% of taxable income in their first full twelve-month taxable year of operation and 33% in their second full taxable year.

• Defines "new Indiana employer" as a corporation that begins doing business in Indiana after June 30, 2010, employs at least one full-time employee in Indiana, and is not a successor or related member of an existing Indiana business.

• Effective retroactively to January 1, 2010, with the deduction provision expiring January 1, 2012.

• Amends Indiana Code sections 6-3-1-3.5 and 6-3-1-36 to implement the new deduction and define eligible employers.