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House Bill 1728


House Bill 1728

ARCHIVE (2005)

Latest Information

 

DIGEST OF HB1728 (Updated February 28, 2005 10:05 pm - DI 84)


Update of references to the Internal Revenue Code. Provides that for taxable years beginning after December 31, 2004, references in Indiana law to the Internal Revenue Code and related regulations refer to the law and regulations in effect on January 1, 2005. Indicates that the law that requires certain bonus depreciation allowed for federal income tax purposes to be added back for state tax purposes applies to the special depreciation allowance for 50-percent bonus depreciation property. Requires that "Section 179 property" deductions in excess of $25,000 per year that are allowed for federal income tax purposes be added back for state tax purposes. Requires a taxpayer to add back the amount that the taxpayer deducted for domestic production activities for purposes of the taxpayer's federal income tax.
Current Status:
 Passed 2nd reading - first House
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