Skip to main content

Introduced Senate Bill (S)

DIGEST

Various tax matters. Requires a corporation with gross income of more than $1,000,000 to file its corporate income tax return in an electronic format specified by the department of state revenue (department). Provides certain procedures for reporting federal partnership audit adjustments for purposes of the state adjusted gross income tax and financial institutions tax in order to conform with changes in federal law. Requires the daily pari-mutuel breakage on wagers to be paid to the department, instead of the auditor or state, for deposit in the appropriate breed development fund. Removes a requirement that utility providers report meter number changes Various tax matters. Requires a corporation with gross income of more than $1,000,000 to file its corporate income tax return in an electronic format specified by the department of state revenue (department). Provides certain procedures for reporting federal partnership audit adjustments for purposes of the state adjusted gross income tax and financial institutions tax in order to conform with changes in federal law. Requires the daily pari-mutuel breakage on wagers to be paid to the department, instead of the auditor or state, for deposit in the appropriate breed development fund. Removes a requirement that utility providers report meter number changes to the department for the purpose of determining the continued validity of exemption certificates. Requires instead a utility provider to maintain records sufficient to document each one to one meter change. Allows a person to request that the department reissue an exemption certificate with a new meter number in the event of a one to one meter change. Removes duplicate provisions regarding electronic filing requirements for sales tax and withholding tax remittance. Removes certain unnecessary information currently required for employer withholding tax reporting forms. Specifies that the penalty provisions in current law for failure to make a payment by electronic funds transfer also apply to a failure to make a payment by any other electronic means. Clarifies that an individual's estimated income tax filing and payment requirements include local income taxes. Clarifies the penalty calculation for failure to make estimated tax payments, including estimated utility receipts tax and financial institutions tax payments. Provides that a taxpayer may elect to claim a tax credit against the taxpayer's Indiana adjusted gross income tax liability for the amount of tax that is imposed in a foreign country but not due from the taxpayer under the laws of that foreign country until a tax year after the tax year in which the income subject to the foreign country's tax is included in the taxpayer's Indiana adjusted gross income (provides for retroactive application to tax years beginning after December 31, 2016). Sets a floor on the periodic change in the gasoline tax and the special fuel tax rates each year of not less than the rates in the preceding year. Provides that the fee to register a trailer that is registered under the International Registration Plan (IRP) shall be prorated based on the Indiana mileage percentage of the registrant's trucks and tractors registered under the IRP. Allows the department to release the name and business address of a person that is issued a retail merchant's certificate for the purpose of reporting the status of the person's certificate. Provides that the provision in current law requiring an out-of-state merchant to collect sales tax on retail transactions made in Indiana if certain threshold conditions are met extends to the following: (1) The tobacco products tax. (2) The waste tire management fee. (3) The fireworks public safety fee. (4) The prepaid wireless service charge. Provides that the township trustee shall serve as an ex officio member of the township board for the purpose of casting the deciding vote to break a tie vote on the adoption of a township's budget and tax levies. Provides that the provision applies retroactively to a township budget and tax levy adopted on or after September 1, 2020. Makes technical corrections. ... View more