Bill Text: IN HB1328 | 2012 | Regular Session | Introduced
Bill Title: Financial institutions tax reduction.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-01-11 - First reading: referred to Committee on Ways and Means [HB1328 Detail]
Download: Indiana-2012-HB1328-Introduced.html
Citations Affected: IC 6-5.5-2-1.
Synopsis: Financial institutions tax reduction. Reduces the tax rate
applicable to the financial institutions tax over four years.
Effective: July 1, 2012.
January 10, 2012, read first time and referred to Committee on Ways and Means.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) the taxpayer's apportioned income; minus
(2) the taxpayer's deductible Indiana net operating losses as determined under this section; minus
(3) the taxpayer's net capital losses minus the taxpayer's net capital gains computed under the Internal Revenue Code for each taxable year or part of a taxable year beginning after December 31, 1989, multiplied by the apportionment percentage applicable to the taxpayer under IC 6-5.5-2 for the taxable year of the loss.
A net capital loss for a taxable year is a net capital loss carryover to
each of the five (5) taxable years that follow the taxable year in which
the loss occurred.
(b) The following are the applicable tax rates to be used under
subsection (a):
(1) For taxable years beginning before January 1, 2013, eight
and five-tenths percent (8.5%).
(2) For taxable years beginning after December 31, 2012, and
before January 1, 2014, eight percent (8.0%).
(3) For taxable years beginning after December 31, 2013, and
before January 1, 2015, seven and five-tenths percent (7.5%).
(4) For taxable years beginning after December 31, 2014, and
before January 1, 2016, seven percent (7.0%).
(5) For taxable years beginning after December 31, 2015, six
and five-tenths percent (6.5%).
(b) (c) The amount of net operating losses deductible under
subsection (a) is an amount equal to the net operating losses computed
under the Internal Revenue Code, adjusted for the items set forth in
IC 6-5.5-1-2, that are:
(1) incurred in each taxable year, or part of a year, beginning after
December 31, 1989; and
(2) attributable to Indiana.
(c) (d) The following apply to determining the amount of net
operating losses that may be deducted under subsection (a):
(1) The amount of net operating losses that is attributable to
Indiana is the taxpayer's total net operating losses under the
Internal Revenue Code for the taxable year of the loss, adjusted
for the items set forth in IC 6-5.5-1-2, multiplied by the
apportionment percentage applicable to the taxpayer under
IC 6-5.5-2 for the taxable year of the loss.
(2) A net operating loss for any taxable year is a net operating loss
carryover to each of the fifteen (15) taxable years that follow the
taxable year in which the loss occurred.
(d) (e) The following provisions apply to a combined return
computing the tax on the basis of the income of the unitary group when
the return is filed for more than one (1) taxpayer member of the unitary
group for any taxable year:
(1) Any net capital loss or net operating loss attributable to
Indiana in the combined return shall be prorated between each
taxpayer member of the unitary group by the quotient of:
(A) the receipts of that taxpayer member attributable to
Indiana under section 4 of this chapter; divided by
(B) the receipts of all taxpayer members of the unitary group
attributable to Indiana.
(2) The net capital loss or net operating loss for that year, if any,
to be carried forward to any subsequent year shall be limited to
the capital gains or apportioned income for the subsequent year
of that taxpayer, determined by the same receipts formula set out
in subdivision (1).