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IN HB1239
Bill
Status
1/14/2014
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
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Allows individuals to subtract Indiana investment interest payments when calculating Indiana adjusted gross income for tax years beginning after December 31, 2013.
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Applies only to investment interest payments that are deducted from federal adjusted gross income and relate to tangible property held for investment in Indiana.
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Defines "Indiana investment interest payment" as investment interest under Internal Revenue Code Section 163(d) made with respect to tangible property held for investment in Indiana.
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Takes effect January 1, 2014 retroactively, allowing taxpayers to claim the deduction on prior-year returns.
Legislative Description
Deduction for investment interest.
Last Action
First Reading: Referred to Ways and Means
1/14/2014