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IN SB0246

Bill

Official Source

Status

Introduced

1/11/2010

Primary Sponsor

James Buck

Click for details

Origin

Senate

2010 Regular Session

AI Summary

  • Establishes a mechanism for automatic biennial reductions in Indiana's adjusted gross income tax rates based on year-over-year revenue growth from the tax
  • Reduces individual tax rates (residents and nonresidents) by 0.1% to 0.3% depending on whether revenue growth reaches 3.1%, 4.2%, or 5.3% thresholds, with a floor rate of 2.9% (starting from 3.4% in 2010)
  • Reduces corporate tax rates using the same tiered reduction system, with a floor rate of 8% (starting from 8.5% in 2010)
  • Requires the budget agency to calculate the two-year average revenue growth before September 1 of each even-numbered year using returns processed during the preceding three calendar years
  • Rate reductions take effect for taxable years beginning in the odd-numbered year following the determination

Legislative Description

Income tax rate adjustment.

Last Action

First reading: referred to Committee on Tax and Fiscal Policy

1/11/2010

Full Bill Text

No bill text available