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IN HB1391
Bill
Status
1/14/2015
Primary Sponsor
William Fine
Click for details
AI Summary
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Amends IC 6-3-3-3 to allow Indiana residents to claim a credit for income taxes paid to another state against both the state adjusted gross income tax and local option income tax (previously only state adjusted gross income tax).
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Credit applies when the state of employment does not have a reciprocity agreement with Indiana providing substantially similar tax credits.
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Credit cannot reduce total Indiana tax liability below the amount that would be owed if income from the other state were excluded.
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Applies to taxable years beginning after December 31, 2015 and expires January 1, 2019.
Legislative Description
Credit for income taxes paid to another state. Provides that the maximum income tax credit that an Indiana resident may take for income taxes paid to another state includes the Indiana local option income tax rate in addition to the Indiana state adjusted gross income tax rate (applies when the state of employment does not have a reciprocity agreement with Indiana).
Last Action
First Reading: referred to Committee on Ways and Means
1/14/2015