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IN SB0378
Bill
Status
1/10/2017
Primary Sponsor
Ronald Grooms
Click for details
AI Summary
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Establishes an income tax credit for qualified businesses that pay tolls to cross Ohio River bridges with northern termini in Clark County.
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Defines qualified businesses as Indiana-authorized entities with principal or branch offices in Clark County or Floyd County that incur at least $500 in qualified toll expenses annually and maintain a Riverlink commercial account.
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Limits the tax credit to the lesser of actual qualified toll expenses paid or $1,000 per taxable year.
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Requires businesses to apply to the Department of State Revenue by October 1 (or December 31 for late-qualifying businesses) and submit proof of eligibility for department certification.
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Allows unused credits to be passed through to shareholders or partners of pass-through entities, but prohibits carrying forward, carrying back, or refunding any unused credits; applies to taxable years beginning after December 31, 2017, and expires July 1, 2021.
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; (3) incurs at least $500 of qualified toll expenses to cross certain Ohio River bridges during a taxable year; and (4) has a Riverlink commercial account. Provides that the amount of the tax credit may not exceed the lesser of: (1) the amount of
Last Action
First reading: referred to Committee on Homeland Security and Transportation
1/10/2017