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IN SB0260
Bill
Status
1/9/2017
Primary Sponsor
Karen Tallian
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AI Summary
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Eliminates scheduled decreases in the corporate adjusted gross income tax rate for taxable years beginning after June 30, 2017, maintaining the rate at 6.25% instead of allowing it to decrease to 6.0% and lower.
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Eliminates scheduled decreases in the financial institutions tax rate for taxable years beginning after December 31, 2018, keeping rates at 6.25% and higher instead of allowing decreases to 6.0% and below.
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Amends Indiana Code sections IC 6-3-2-1 and IC 6-5.5-2-1 to remove future tax rate reduction provisions that were previously enacted.
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Becomes effective July 1, 2017.
Legislative Description
Tax rates. Eliminates the following: (1) The decreases in the corporate adjusted gross income tax rate that are scheduled under current law to become effective for taxable years beginning after June 30, 2017. (2) The decreases in the financial institutions tax rate that are scheduled under current law to become effective for taxable years beginning after December 31, 2018.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/9/2017