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Senate Bill 515

Enrolled Senate Bill (S)

DIGEST

Various tax matters. Provides and modifies sales and use tax exemptions. Provides an income tax deduction for certain amounts a taxpayer included as an item of income in a prior tax year. Specifies that, in determining an Indiana net operating loss deduction, certain modifications to adjusted gross income are not to be applied. Provides that certain professional sports team members or race team members are subject to the local income tax, and that in Marion County this local income tax revenue: (1) must be deposited in a dedicated fund established by its capital improvement board; and (2) is not captured Various tax matters. Provides and modifies sales and use tax exemptions. Provides an income tax deduction for certain amounts a taxpayer included as an item of income in a prior tax year. Specifies that, in determining an Indiana net operating loss deduction, certain modifications to adjusted gross income are not to be applied. Provides that certain professional sports team members or race team members are subject to the local income tax, and that in Marion County this local income tax revenue: (1) must be deposited in a dedicated fund established by its capital improvement board; and (2) is not captured by the Marion County professional sports development area. (Under current law, a county's local income tax applies only to residents of the county and to nonresidents who have their principal place of business or employment in the county.) Adds exemptions to certain taxes in connection with an NBA All-Star game and NBA related events when held in Indiana. Provides that a return under the financial institutions tax is due one month after the taxpayer's federal tax return is due. Creates a three month window during which an owner of an aircraft that is located in another state may register in Indiana without paying the difference in the sales tax paid to that state at its rate and the Indiana use tax rate. Provides that the department of state revenue may collect debts of a local unit of government through a tax refund set off program. Requires the legislative services agency to conduct a study concerning the correlation between employment growth and the statutory tax relief realized by C corporations during the period 2011 through 2016. Makes technical corrections. ... View more