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IN SB0229
Bill
Status
Introduced
1/7/2016
Primary Sponsor
Ronald Grooms
Click for details
AI Summary
- Creates an income tax credit for qualified businesses that pay tolls to cross Ohio River bridges with northern termini in Clark County
- Qualified businesses must be authorized to transact business in Indiana, maintain a principal or branch office in Clark County or Floyd County, and incur at least $500 in qualified toll expenses during a taxable year
- Tax credit amount equals the lesser of actual qualified toll expenses paid or $5,000 per taxable year
- Businesses must file an application with the Department of State Revenue by October 1 of the taxable year to receive certification as a qualified business
- Unused credits cannot be carried forward, carried back, or refunded; shareholders or partners of pass-through entities may claim credits if the entity lacks state income tax liability
- Effective for taxable years beginning after December 31, 2016, with the provision expiring July 1, 2020
Legislative Description
Tax credit for bridge toll expenses. Provides an income tax credit to qualified businesses that pay tolls to cross certain Ohio River bridges. Provides that a qualified business is a business entity that: (1) is authorized to transact business in Indiana; (2) maintains its principal office, or a branch office, in Clark County or Floyd County; and (3) incurs at least $500 of qualified toll expenses to cross certain Ohio River bridges during a taxable year. Provides that the amount of the tax credit may not exceed the lesser of: (1) the amount of qualified toll expenses paid by the
Last Action
First reading: referred to Committee on Tax & Fiscal Policy
1/7/2016
Committee Referrals
Tax and Fiscal Policy1/7/2016
Full Bill Text
No bill text available