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DIGEST OF INTRODUCED BILL
Income tax exemption for patent income. Provides an exemption from adjusted gross income taxation for 50% of income that is derived from a qualified patent issued to a taxpayer domiciled in Indiana. Requires that a qualified patent must have resulted from a development process conducted in Indiana. Provides that a taxpayer may not claim more than $1,000,000 in exemptions in a taxable year. Provides that a taxpayer may not claim an exemption for income derived from a particular qualified patent for more than ten years.