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IN HB1347
Bill
Status
1/13/2015
Primary Sponsor
Daniel Leonard
Click for details
AI Summary
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Eliminates the adjustment for Section 179 federal deductions (immediate expensing of depreciable property up to $25,000) from Indiana's adjusted gross income definition for individual income tax and financial institutions tax.
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Eliminates the add-back of Section 199 federal deductions for domestic production activities from Indiana's adjusted gross income definition for individual income tax and financial institutions tax.
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Applies retroactively to taxable years beginning January 1, 2015, with the changes expiring January 1, 2019.
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Amends Indiana Code sections IC 6-3-1-3.5, IC 6-3-2-4, and IC 6-5.5-1-2 to remove these two specific federal tax adjustments.
Legislative Description
Definition of adjusted gross income. Eliminates the adjustment based on the federal deduction for amounts spent on certain depreciable property under Section 179 of the Internal Revenue Code in the definition of "adjusted gross income" for purposes of the Indiana adjusted gross income tax and the financial institutions tax. Eliminates the add back of the federal deduction for domestic production activities under Section 199 of the Internal Revenue Code in the definition of "adjusted gross income" for purposes of the Indiana adjusted gross income tax and the financial institutions tax.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015