Senate Bill (H)

Co-Authored by

DIGEST

Various tax matters. Provides and modifies sales and use tax exemptions. Provides an income tax deduction for certain amounts a taxpayer included as an item of income in a prior tax year. Specifies that, in determining an Indiana net operating loss deduction, certain modifications to adjusted gross income are not to be applied. Provides that a professional sports team member or a race team member is subject to the local income tax and that in Marion County the local income tax revenue must be deposited in a dedicated fund established by its capital improvement board. Adds exemptions to certain taxes Various tax matters. Provides and modifies sales and use tax exemptions. Provides an income tax deduction for certain amounts a taxpayer included as an item of income in a prior tax year. Specifies that, in determining an Indiana net operating loss deduction, certain modifications to adjusted gross income are not to be applied. Provides that a professional sports team member or a race team member is subject to the local income tax and that in Marion County the local income tax revenue must be deposited in a dedicated fund established by its capital improvement board. Adds exemptions to certain taxes in connection with an NBA All-Star game and NBA related events when held in Indiana. Provides that a return under the financial institutions tax is due one month after the taxpayer's federal tax return is due. Creates a three month window during which an owner of an aircraft that is located in another state may register in Indiana without paying the difference in the sales tax paid to that state at its rate and the Indiana use tax rate. Provides that the department of state revenue may collect debts of a local unit of government through a tax refund set off program. Makes technical corrections. ... View more