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Senate Bill 0001

Senate Bill 0001

ARCHIVE (2005)

Latest Information

DIGEST OF SB 1 (Updated April 29, 2005 4:54 pm - DI 44)

Tax incentives. Requires the filing of a personal property return schedule to apply for personal property tax abatement (instead of filing a separate application deduction) and provides that if the township assessor or county assessor does not deny the application, the abatement applies in the amount claimed or in an amount determined by the township assessor or county assessor. Changes the procedure for appealing a denial of a property tax deduction or the alteration of a deduction amount in an economic revitalization area. Changes the deadline for submitting information updating a taxpayer's compliance with the taxpayer's statement of benefits that is required to obtain a property tax deduction in an economic revitalization area. Establishes a property tax investment deduction for certain real property development, redevelopment, or rehabilitation that increases assessed value and creates or retains employment. Establishes a similar deduction for the purchase of personal property other than inventory subject to the same conditions and limitation. Expands the sales tax exemption for tangible personal property used by professional motor vehicle racing teams. Exempts a person from 100% of the sales tax on research and development equipment acquired after June 30, 2007. Provides a refund of 50% of the sales taxes paid on transactions involving research and development equipment acquired after June 30, 2005, and before July 1, 2007. Increases the qualified research expense credit from 10% to 15% on the first $1,000,000 of investment for taxable years beginning after December 31, 2007. Reduces from 15 to 10 the number of years for which a taxpayer may carry over a research expense credit. Excludes certain debt provided by a financial institution after May 15, 2005, from the definition of "qualified investment capital" that is eligible for the venture capital investment tax credit. Specifies that a business primarily focused on professional motor vehicle racing is eligible for certification as a qualified Indiana business for purposes of the venture capital investment tax credit. Increases the total amount of venture capital investment tax credits that may be allowed in a calendar year from $10,000,000 to $12,500,000. Provides that a taxpayer may not carry over a venture capital investment credit for more than five taxable years following the first taxable year in which the credit is claimed. Provides that a business that relocates its corporate headquarters to a location in Indiana is entitled to a credit against its state tax liability equal to 50% of the costs incurred in relocating the headquarters. Makes technical changes.
    Current Status:
    Law Enacted
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