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IN SB0624
Bill
Status
1/15/2019
Primary Sponsor
Brian Buchanan
Click for details
AI Summary
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Eliminates the Indiana income tax add-back requirement for federal bonus depreciation (IRC Section 168(k)) for property placed in service after December 31, 2018
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Eliminates the Indiana income tax add-back requirement for federal Section 179 expensing amounts exceeding $25,000 per year for property placed in service after December 31, 2018
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Applies to individuals, corporations, life insurance companies, other insurance companies, trusts, estates, and financial institutions subject to Indiana income tax
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Effective date is January 1, 2019, applied retroactively, with an emergency declaration for immediate implementation
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Taxpayers who placed property in service before January 1, 2019 must continue to make add-back adjustments for previously claimed bonus depreciation and Section 179 expenses
Legislative Description
Income tax deductions. Eliminates, for property placed in service by a taxpayer after December 31, 2018: (1) the bonus depreciation add back of the amount that is allowed for federal income tax purposes; and (2) the Section 179 expense add back of the amount that is allowed for federal income tax purposes in excess of $25,000 per year.
Last Action
Senator Ford Jon added as second author
1/28/2019