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House Bill 1007

House Bill 1007

ARCHIVE (2006)

Latest Information

DIGEST OF HB1007 (Updated January 26, 2006 4:37 pm - DI 84)

Various business tax changes. Provides that certain transactions involving tangible personal property are exempt from sales tax if the person acquiring the property acquires it for the person's direct use in the direct production of a motion picture or an audio production. Excludes obscene motion pictures from the definition of motion picture for purposes of the sales tax exemption. Increases, over four years, for purposes of the adjusted gross income tax, the sales factor used to apportion business income. Eliminates the property factor and payroll factor that are also used in apportioning income for taxable years beginning after December 31, 2010. Deletes the January 1, 2008, deadline for a purchase of motion picture or audio production equipment to be eligible as a qualified investment for purposes of the Hoosier business investment tax credit (HBITC). Extends by five years (from December 31, 2007, to December 31, 2012) the date by which a qualified investment must be made in order to be eligible for the HBITC. Provides for automatic extensions of that date in five year increments unless the general assembly enacts a law that terminates the automatic extensions.
Current Status:
In Committee - 2nd House
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