Senate Bill 236 Summary

• Amends the definition of "Internal Revenue Code" used in Indiana tax statutes to refer to the code in effect on January 1, 2010 (instead of February 17, 2009).

• Reduces the net operating loss carryback period from five years to two years for taxpayers who elected the five-year period under federal law.

• Requires employers filing more than 25 federal W-2 withholding statements annually to file all W-2 statements and annual withholding tax reports electronically with the department of state revenue, effective July 1, 2010.

• Suspends eight tax credits for taxable years beginning in 2010 and 2011: patent income exemption, teacher summer employment, enterprise zone loan interest, neighborhood assistance, maternity home, enterprise zone investment cost, community revitalization enhancement district, and health benefit plan credits.

• Expands eligibility for the economic development for a growing economy tax credit to include nonprofit organizations and other entities that submit incremental income tax withholdings, if approved by the Indiana economic development corporation.