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IN HB1328
Bill
Status
Introduced
1/11/2012
Primary Sponsor
Mark Messmer
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AI Summary
- Reduces Indiana's financial institutions tax rate from 8.5% to 6.5% over a four-year period beginning July 1, 2012
- Tax rate schedule: 8.5% for taxable years before January 1, 2013; 8.0% for 2013; 7.5% for 2014; 7.0% for 2015; 6.5% for taxable years beginning after December 31, 2015
- Applies to franchise taxes paid by financial institutions on their apportioned income for the privilege of conducting business in Indiana
- Net operating losses remain deductible and can be carried forward for fifteen taxable years following the year the loss occurred
- Net capital losses can be carried forward for five taxable years following the year the loss occurred
Legislative Description
Financial institutions tax reduction.
Last Action
First reading: referred to Committee on Ways and Means
1/11/2012
Full Bill Text
No bill text available