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IN SB0441
Bill
AI Summary
SB 441 Summary
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Eliminates the World War I veteran property tax deduction for assessment dates after January 1, 2016, while maintaining the $18,720 deduction for earlier assessment dates.
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Expands sales tax exemptions for manufacturing and agricultural machinery to include material handling equipment purchased for transporting materials into production activities from onsite locations.
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Treats steel bar cutting into billets and tree felling for production or sale as manufacturing processes eligible for double direct sales tax exemptions.
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Makes various technical amendments to Indiana income tax code including changes to federal civil service annuity deductions, military income exclusions, and business income definitions.
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Appropriates $9 million to the Department of Correction for community corrections programs in fiscal year 2017 and declares an emergency for the act's implementation.
Legislative Description
Various tax matters. Eliminates the World War I veteran property tax deduction for property taxes imposed for an assessment date after 2015. Provides that the equipment eligible for the double direct sales tax exemption includes material handling equipment purchased for the purpose of transporting materials into production activities from an onsite location. Provides that: (1) the cutting of steel bars into billets; and (2) the felling of trees for further use in production or for sale in the ordinary course of business; is to be treated as processing of tangible personal property for purposes of the double direct sales tax
Last Action
Public Law 250
5/6/2015