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IN HB1174
Bill
Status
1/7/2016
Primary Sponsor
William Fine
Click for details
AI Summary
HB 1174 Summary
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Amends Indiana Code Section 6-3-3-3 to allow Indiana residents to claim a tax credit for income taxes paid to another state, including both state adjusted gross income tax and local income tax.
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Credit applies only when the state of employment does not have a reciprocity agreement with Indiana that provides substantially similar tax credits.
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Indiana resident taxpayers can credit taxes paid to another state against their combined state adjusted gross income tax and local income tax liability.
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Effective for taxable years beginning after December 31, 2016, with the amendment set to expire January 1, 2020.
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 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
1/7/2016