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House Bill 1480


House Bill 1480

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1480 (Updated April 9, 2001 4:36 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. Phases out the inventory tax (subject to the authority of the county council or county income tax council to opt out of or accelerate the phase out). Allows use of EDIT revenue for increased homestead credits. Allows an increase of the EDIT rate up to .25% over the current maximum rate to provide increased homestead credits. Enacts the simplified sales and use tax administration act. Provides for the appointment of four delegates to enter into multistate discussions concerning the Simplified Sales and Use Tax Agreement. Permits the department of state revenue to enter into the agreement with other states to simplify and modernize sales and use tax administration in order to substantially reduce the burden of tax compliance for all sellers and for all types of commerce. Specifies certain requirements that must be included in the agreement before the state of Indiana may enter into the agreement. Includes certain provisions concerning certified service providers (an agent certified jointly by the states to perform all of a seller's sales tax functions). Specifies that no provision of the agreement invalidates or amends any provision of Indiana law. 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. Repeals the investment income tax credit. Corrects internal references. Allows South Bend, and Fort Wayne to establish economic development project districts. Provides that the districts must contain a commercial retail facility with at least 500,000 square feet. Allows sales tax increment financing to be used in each district for road, interchange, and right of way improvements and for real property acquisitions to further these purposes. Allows Evansville to establish an economic development project district. Authorizes the redevelopment commission in Evansville to distribute money from the sales tax increment financing fund for certain purposes. Allows sales tax increment financing in the Fort Wayne district to also be used for the demolition of commercial property and any related expenses incurred before or after the demolition. Provides that not more than 50% of the net increment each year may be used for these purposes. Provides that not more than a total of $1,000,000 of sales tax revenue increment may be captured during the existence of the district. Allows a property tax abatement to a property owner in a town located in a county with a population of more than 50,000 but less than 60,000 if the town approved the abatement but the owner is ineligible because of a failure of the owner to comply with statutory requirements. Provides that the abatement is allowed if the owner and the town comply with all statutory requirements before July 1, 2001. Changes the maximum Knox County innkeeper's tax rate from 3% to 5%. Legalizes an order of the state board of tax commissioners approving an adjustment of the base assessed value for an allocation area in Hammond.
Current Status:
 In Conference Committee
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