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Senate Bill 0344

Senate Bill 0344

ARCHIVE (2004)

Latest Information

DIGEST OF SB 344 (Updated February 17, 2004 5:50 pm - DI 92)

Various tax matters. Grants a property tax exemptions to nonprofit organizations engaged in the Indiana main street program. Provides that references to the Internal Revenue Code in Indiana law refer to the federal law as in effect on January 1, 2004. 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. Provides that the Gary civic center board of managers may receive salaries and a per diem in addition to expense reimbursement. Allows certain taxpayers to retroactively claim missed property tax exemptions.
    Current Status:
    Out of Committee 2nd House
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