House Bill (S) 3
Authored by: Rep. P Eric Turner
State and local taxation. Specifies that if the acquisition cost of a taxpayer's business personal property in a county is less than $20,000 for a particular assessment date in 2016 or later: (1) the taxpayer is not required to file a personal property return for the taxpayer's business personal property in the county for that assessment date; and (2) the taxpayer's business personal property in the county is exempt from taxation for that assessment date. Specifies that this exemption does not apply to mobile homes assessed as personal property, personal property held as an investment, or personal property that is owned by certain utilities ... subject to regulation by the utility regulatory commission and is assessed as utility property. Requires the taxpayer to file an annual certification with the county assessor. Provides that the tax rate for certain tax increment financing areas shall be calculated as if this exemption were not in effect. Allows a designating body to grant a property tax abatement under the existing abatement laws for new business personal property that has an acquisition cost of at least $3,000,000. Specifies that if an abatement is granted for such new business personal property for a taxpayer: (1) the abatement may not exceed 20 years (rather than the standard 10 year limit on the abatement); (2) the percentage amount of the abatement deduction must be the same for all years in which the abatement is allowed; and (3) the designating body may waive the application of minimum valuation rules to that new business personal property for specified assessment dates or for all assessment dates after the installation of the new business personal property (and the waiver of the minimum valuation continues to apply to the property, regardless of whether the abatement ordinance is amended or repealed). Provides that these abatement provisions do not apply to mobile homes assessed as personal property, personal property held as an investment, or personal property that is owned by certain utilities subject to regulation by the utility regulatory commission and is assessed as utility property. Provides that if a county or municipality receives a reimbursement, repayment, or penalty from a taxpayer on account of the taxpayer's failure to comply with the statement of benefits provided by the taxpayer as part of a property tax abatement or on account of the taxpayer's failure to comply with any other requirement to receive a property tax abatement, the county or municipal fiscal officer shall distribute the amount of the reimbursement, repayment, or penalty on a pro rata basis to each taxing unit that contains the property that was subject to the abatement deduction. Phases down the corporate income tax rate from 6.5% in 2015 to 4.9% after June 30, 2021. Phases down the financial institutions tax rate to 4.9% in calendar year 2023. Provides that a taxpayer is not entitled to: (1) a biodiesel tax credit in a taxable year beginning after 2014; (2) an ethanol production tax credit in a taxable year beginning after 2014; or (3) a new employer tax credit for wages paid in a taxable year beginning after 2014. Repeals the voluntary remediation tax credit statute. (Under current law, tax credits may not be awarded for taxable years after 2007, and the carryforward period has expired.) Repeals the energy savings tax credit. (Under current law, the tax credit may not be awarded for costs incurred after December 31, 2011, and may not be carried forward.) Provides that a retail merchant engaged in selling bulk propane at retail in Indiana shall claim a credit in April 2014 equal to the sales tax paid by the retail merchant's customers after December 31, 2013, and before April 1, 2014, on that part of the price of bulk propane that exceeded $2.50 per gallon. Requires such a retail merchant to provide a credit to customers of the retail merchant on their next purchase of bulk propane occurring after March 31, 2014. Establishes the commission on business personal property and business taxation to study certain issues during the 2014.