IN SB0333

Reduces the corporate income tax rate from 8.5% to 5% after June 30, 2012, and further reduces it to 2% after June 30, 2013, accelerating a previously scheduled phase-down

Terminates 21 state tax credits after December 31, 2012, including credits for research expenses, prison investment, enterprise zones, neighborhood assistance, industrial recovery, military base recovery, economic development (EDGE), capital investment, riverboat building, venture capital investment, coal combustion products, Hoosier business investment, biodiesel, ethanol production, coal gasification technology, and headquarters relocation

Allows credits awarded before January 1, 2013 to be carried forward according to existing provisions, with most credit chapters set to expire January 1, 2023

Restricts the computer equipment donations credit, historic rehabilitation credit, and school scholarship credit after December 31, 2012 to individual taxpayers only (corporations and other entities become ineligible)

Takes effect July 1, 2012