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House Bill 1374


House Bill 1374

ARCHIVE (2000)

Latest Information

 

DIGEST OF HB1374 (Updated March 1, 2000 5:21 PM - DI 84)


Various state and local taxes. Makes various changes concerning the gross income tax, the sales and use tax, the adjusted gross income tax, federal tax refunds for Indiana income taxes owed, ordinances regarding local taxes, and Roth IRAs and educational IRAs. Updates the references to the Internal Revenue Code for 2000. Provides that oil inspection fees collected by licensed gasoline distributors are not gross income. Removes vehicle identification information from the income tax return. Provides that the state welfare allocations calculated as part of the financial institutions tax distributions and the motor vehicle excise tax distributions are based on amounts levied by counties for the county welfare fund and the county welfare administration fund, rather than the amounts appropriated from those funds. Modifies the research expense tax credit by repealing the apportionment limit for taxable years beginning after December 31, 2001.(For a taxpayer with income apportioned to Indiana, this provision currently limits the credit to the lesser of the taxpayer's Indiana qualified research expenses or its apportioned research expenses for the year. This bill would provide that a taxpayer's credit is based solely on the taxpayer's Indiana qualified research expenses.) Reduces the insurance premium tax rate from 2% to 1.3% over a five year phase-in period that begins in 2003. Provides that certain insurance companies domiciled in Indiana must maintain in Indiana: (1) a physical presence that provides an economic benefit to Indiana; and (2) company records. Repeals the investment income tax credit and the prison investment income tax credit. Corrects internal references.
Current Status:
 In Conference Committee
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