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IN HB1470
Bill
Status
1/14/2015
Primary Sponsor
David Ober
Click for details
AI Summary
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Eliminates the throwback rule used to determine income subject to Indiana income taxation for corporations and nonresident persons
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Modifies IC 6-3-2-2 to change how business income is apportioned to Indiana, effective January 1, 2016
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Removes language allowing income to be "thrown back" to Indiana when not taxable in the destination state, simplifying the apportionment formula
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Applies to taxable years beginning after December 31, 2015, with the amendment set to expire January 1, 2019
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Maintains existing definitions of Indiana-source income from property, business activities, labor, services, and intangible personal property
Legislative Description
Income apportionment for income tax purposes. Eliminates the throwback rule that is used in determining income subject to taxation by Indiana.
Last Action
First Reading: referred to Committee on Ways and Means
1/14/2015