Loading chat...
IN SB0578
Bill
Status
1/14/2019
Primary Sponsor
Ronald Grooms
Click for details
AI Summary
-
Creates a state tax credit for businesses in Clark County or Floyd County that pay tolls to cross Ohio River bridges with a northern terminus in Clark County
-
Qualified businesses must be authorized to operate in Indiana, incur at least $500 in annual toll expenses for business purposes, and maintain a RiverLink commercial account
-
Maximum credit is the lesser of actual qualified toll expenses or $1,000 per taxable year
-
Businesses must apply to the Department of State Revenue by October 1 (or December 31 if requirements are met later) to receive certification for the credit
-
Unused credits cannot be carried forward, carried back, or refunded; pass-through entity credits flow to shareholders/partners based on their distributive income percentage
Legislative Description
Tax credit for bridge toll expenses. Provides a state 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 qualified toll expenses paid by the qualified business during the taxable year; or (2) $1,000. Provides that a business entity wishing to claim the credit must file an application with the department of state revenue during the taxable year requesting certification of the business entity as a qualified business for that taxable year.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/14/2019