IN SB0192

Phases down the state adjusted gross income tax rate on noncorporate taxpayers from 3.4% to 3.0% over four years, beginning July 1, 2013.

Tax rate schedule for noncorporate taxpayers: 3.4% for taxable years before January 1, 2014; 3.3% for 2014; 3.2% for 2015; 3.1% for 2016; and 3.0% for taxable years after December 31, 2016.

Corporate tax rates remain unchanged under this bill, continuing the existing schedule that phases down from 8.5% to 6.5%.

Effective date is July 1, 2013, and amends Indiana Code 6-3-2-1.