IN SB0545

Sales tax exclusion for electrical energy, natural gas, water, steam, or steam heating service used in manufacturing, production, refining, or agriculture for food preparation must be separately metered to qualify; non-food preparation uses may still qualify if sales are either separately metered or predominately used for excepted purposes

Eliminates the carryback of net operating losses under Indiana's adjusted gross income tax effective January 1, 2012, while retaining the ability to carry forward net operating losses

Applies to both resident persons and corporations/nonresident persons, removing all references to carryback years and related provisions from the tax code

Net operating loss carryover years continue to be determined by reference to the number of years allowed under Section 172(b) of the Internal Revenue Code

Sales tax exclusion changes take effect July 1, 2011; net operating loss carryback elimination takes effect January 1, 2012