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Senate Bill 0250


Senate Bill 0250

ARCHIVE (2010)

Latest Information

 

DIGEST OF SB 250 (Updated February 15, 2010 2:59 pm - DI 51)


State and local taxes. Amends the definition of federal "Internal Revenue Code" used in Indiana statutes and rules to refer to the Internal Revenue Code in effect on January 1, 2010. Requires that two years be used for the net operating loss carryback period for taxpayers (instead of the five years allowed under the federal Worker, Homeownership, and Business Assistance Act of 2009). Eliminates a law that provides that property taxes levied to pay debt service or make lease payments for bonds or leases issued or entered into before July 1, 2008, are not subject to the circuit breaker credit in Lake County and St. Joseph County. Makes changes in the gross retail and use tax laws to conform to the requirements of the Streamlined Sales and Use Tax Agreement.
    Current Status:
     2nd Reading in Progress
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