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IN HB1665
Bill
Status
1/24/2019
Primary Sponsor
Ben Smaltz
Click for details
AI Summary
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Expands the EDGE (Economic Development for a Growing Economy) tax credit calculation to include incremental income tax withholdings that would be collected from employees residing in states with reciprocal income tax agreements under IC 6-3-5-1
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Requires the Indiana Economic Development Corporation to consider payroll attributable to out-of-state employees (from reciprocal agreement states) when determining credit amounts for job creation projects
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Mandates that taxpayers annually report both actual withholdings from new employees and withholdings that would otherwise be collected from new employees residing in reciprocal agreement states
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Applies to taxable years beginning after December 31, 2019, with an effective date of July 1, 2019
Legislative Description
EDGE tax credits. Provides that the credit amount for the economic development for a growing economy tax credit may not exceed an amount equal to the total amount of incremental income tax withholdings attributable to employees and the amount of incremental income tax withholdings that would be collected from employees who reside in a different state, if that state has an income tax reciprocal provision under IC 6-3-5-1.
Last Action
First reading: referred to Committee on Ways and Means
1/24/2019