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IN HB1608
Bill
Status
1/20/2015
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
HB 1608 Summary
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Allows individuals to subtract Indiana investment interest payments from their Indiana adjusted gross income for tax purposes.
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Investment interest payments must be related to tangible property held for investment in Indiana.
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Investment interest payments must have been deducted from federal adjusted gross income for federal income tax purposes.
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Defines "Indiana investment interest payment" as a payment of investment interest made with respect to tangible property held for investment in Indiana.
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Effective January 1, 2015 with retroactive application.
Legislative Description
Deduction for investment interest. Allows an individual to subtract investment interest payments in the calculation of the individual's Indiana adjusted gross income if the investment interest payments are: (1) made with respect to tangible property held for investment in Indiana; and (2) deducted from federal adjusted gross income for federal income tax purposes.
Last Action
First Reading: referred to Committee on Ways and Means
1/20/2015