HB 1418 Summary

• Reduces individual adjusted gross income tax rate from 3.4% to 3.23% effective July 1, 2013, and to 3.06% effective July 1, 2014.
• Applies tax rate reductions to resident persons and nonresident persons on Indiana-sourced income.
• Establishes a proration method for taxpayers subject to different tax rates during a single taxable year, with rates rounded to the nearest one-hundredth of one percent.
• Amends IC 6-3-2-1 and becomes effective upon passage.
• Declares an emergency for the act.