SB0001 Summary

• Allows county income tax councils to adopt exemption ordinances exempting business personal property with acquisition costs under $20,000 from property taxation, effective July 1, 2015.

• Permits county income tax councils to adopt ordinances exempting newly acquired business personal property (never previously used in Indiana) from property taxation.

• Reduces Indiana corporate income tax rates from 8.5% to 4.9% by 2021, and personal income tax rates from 3.4% to 3.23% by 2017.

• Reduces franchise tax on financial institutions from 8.5% to 4.9% by 2022, with a net operating loss carryforward period extended to 15 years.

• Establishes a commission on business personal property and business taxation to study tax structure competitiveness and local government impacts, with final report due November 1, 2014.