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Enrolled Senate Bill (S)

DIGEST

Various tax matters. Provides that the department of state revenue (department) may deny an application for a registered retail merchant's certificate in certain circumstances. Specifies the requirements necessary for a taxpayer to discontinue filing a combined income tax return. Requires a partnership, or an estate or trust, to file certain information returns electronically. Amends motor carrier fuel tax provisions retroactively to July 1, 2018, to specify the rates that apply to the imposition of the tax. Requires a taxpayer to retain books and records during the period of a judicial proceeding or appeal that extends beyond the three year retention Various tax matters. Provides that the department of state revenue (department) may deny an application for a registered retail merchant's certificate in certain circumstances. Specifies the requirements necessary for a taxpayer to discontinue filing a combined income tax return. Requires a partnership, or an estate or trust, to file certain information returns electronically. Amends motor carrier fuel tax provisions retroactively to July 1, 2018, to specify the rates that apply to the imposition of the tax. Requires a taxpayer to retain books and records during the period of a judicial proceeding or appeal that extends beyond the three year retention period under current law. Requires a sheriff that collects a judgment on a tax warrant to notify the department of the name of the taxpayer and the amount of the payment within seven days of receipt of the payment. Allows the department to waive or toll tax penalties and interest imposed on a taxpayer who is or has been incarcerated for a period of at least 180 days. Provides that if the department does not: (1) issue a timely demand notice; (2) file a timely tax warrant; or (3) renew tax warrants; the tax liability is extinguished. Provides that the department may release tax withholding or other tax information statements to certain individuals. Provides that the department may domesticate a valid tax warrant in one or more other states or countries, or in the political subunits of other states or countries. Provides that a judgment on a tax warrant must be filed in at least one Indiana county not later than 10 years after the first date on which a demand notice could be issued. Provides that if a judgment on a tax warrant is entered in at least one Indiana county, the department may file an additional tax warrant in one or more Indiana counties during the period in which one or more tax warrants are valid. Updates the income tax reference to the Internal Revenue Code (IRC) in effect on January 1, 2019. Revises provisions concerning income under Section 118, Section 163, and Section 965 of the IRC. Clarifies the treatment of a loss for a taxable year disallowed because of Section 461(l) of the IRC in determining an Indiana net operating loss deduction. Modifies the adjustment to Indiana adjusted gross income for certain property involved in a like-kind exchange for which a taxpayer claims a federal deduction under Section 179 of the IRC. Modifies, for purposes of determining Indiana adjusted gross income, an amount treated as bonus depreciation under IRC Section 168(k) for certain property involved in a like-kind exchange. Changes the order in which the department is required to apply a taxpayer's partial payment to the taxpayer's tax liability, penalties, and interest. Provides that the revised ordering of payments applies to taxable periods beginning after December 31, 2019. Specifies the taxable years to which the adjusted gross income tax changes and the financial institutions tax changes apply. Provides that the heavy equipment rental excise tax is imposed upon the rental of heavy rental equipment from a retail merchant in Indiana and received from the retail merchant in Indiana. Requires a retail merchant to collect and remit the heavy equipment rental excise tax. Provides that in the event of a misclassification, a person shall receive a credit for any property tax paid on the rental of heavy equipment for a calendar year against any excise tax owed on the equipment in the same calendar year and for any excise tax paid on the equipment for a calendar year against any property tax owed on the equipment in the same calendar year. Requires the department, beginning January 1, 2021, to establish an annual tax rate for the utility receipts tax and the utility services use tax by determining a tax rate that would maintain tax revenue at the state fiscal year 2018 amount. Removes the provision in current law that requires a claim for a unified tax credit for the elderly to be filed within six months following the close of the claimant's taxable year or within the extension period if an extension of time for filing the return has been granted, whichever is later. ... View more