State taxes.
Introduced Version
SENATE BILL No. 333
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3-2-1; IC 6-3.1.
Synopsis: State taxes. Phases the corporate income tax rate down from
8.5% to 2% by June 30, 2013. Provides that the following state tax
credits may not be awarded after December 30, 2012: (1) Research
expense credit. (2) Prison investment credit. (3) Enterprise zone loan
interest credit. (4) Neighborhood assistance credit. (5) Enterprise zone
investment cost credit. (6) Industrial recovery tax credit. (7) Military
base recovery credit. (8) Military base investment cost credit. (9)
Economic development for a growing economy credit. (10) Capital
investment credit. (11) Indiana riverboat building credit. (12)
Individual development account credit. (13) Community revitalization
enhancement district credit. (14) Venture capital investment credit.
(15) Coal combustion product credit. (16) Hoosier business investment
credit. (17) Blended biodiesel credit. (18) Ethanol production credit.
(19) Coal gasification technology investment credit. (20) Headquarters
relocation credit. (21) New employer tax credit. Provides that the
computer equipment donations credit, historic rehabilitation credit, and
school scholarship credit may not be awarded after December 31, 2012,
to a taxpayer other than an individual.
Effective: July 1, 2012.
Smith J
January 9, 2012, read first time and referred to Committee on Tax and Fiscal Policy.
Introduced
Second Regular Session 117th General Assembly (2012)
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SENATE BILL No. 333
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-3-2-1; (12)IN0333.1.1. -->
SECTION 1. IC 6-3-2-1, AS AMENDED BY P.L.172-2011,
SECTION 54, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2012]: Sec. 1. (a) Each taxable year, a tax at the rate of three
and four-tenths percent (3.4%) of adjusted gross income is imposed
upon the adjusted gross income of every resident person, and on that
part of the adjusted gross income derived from sources within Indiana
of every nonresident person.
(b) Except as provided in section 1.5 of this chapter, each taxable
year, a tax at the following rate of adjusted gross income is imposed on
that part of the adjusted gross income derived from sources within
Indiana of every corporation:
(1) Before July 1, 2012, eight and five-tenths percent (8.5%).
(2) After June 30, 2012, and before July 1, 2013,
eight percent
(8.0%). five percent (5%).
(3) After June 30, 2013, and before July 1, 2014, seven and
five-tenths percent (7.5%).
(4) After June 30, 2014, and before July 1, 2015, seven percent
(7.0%).
(5) After June 30, 2015, six and five-tenths percent (6.5%).
(3) After June 30, 2013, two percent (2%).
(c) If for any taxable year a taxpayer is subject to different tax rates
under subsection (b), the taxpayer's tax rate for that taxable year is the
rate determined in the last STEP of the following STEPS:
STEP ONE: Multiply the number of months in the taxpayer's
taxable year that precede the month the rate changed by the rate
in effect before the rate change.
STEP TWO: Multiply the number of months in the taxpayer's
taxable year that follow the month before the rate changed by the
rate in effect after the rate change.
STEP THREE: Divide the sum of the amounts determined under
STEPS ONE and TWO by twelve (12).
However, the rate determined under this subsection shall be rounded
to the nearest one-hundredth of one percent (0.01%).
SOURCE: IC 6-3.1-4-8; (12)IN0333.1.2. -->
SECTION 2. IC 6-3.1-4-8 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 8. (a) A tax credit may not be awarded under this
chapter after December 31, 2012. However, a credit awarded
under this chapter before January 1, 2013, may be carried forward
as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-6-7; (12)IN0333.1.3. -->
SECTION 3. IC 6-3.1-6-7 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 7. (a) A tax credit may not be awarded under this
chapter after December 31, 2012.
(b) This chapter expires January 1, 2014.
SOURCE: IC 6-3.1-7-8; (12)IN0333.1.4. -->
SECTION 4. IC 6-3.1-7-8 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 8. (a) A tax credit may not be awarded under this
chapter after December 31, 2012. However, a credit awarded
under this chapter before January 1, 2013, may be carried forward
as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-9-7; (12)IN0333.1.5. -->
SECTION 5. IC 6-3.1-9-7 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 7. (a) A tax credit may not be awarded under this
chapter after December 31, 2012.
(b) This chapter expires January 1, 2014.
SOURCE: IC 6-3.1-10-10; (12)IN0333.1.6. -->
SECTION 6. IC 6-3.1-10-10 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 10. (a) A tax credit may not be awarded under this
chapter after December 31, 2012. However, a credit awarded
under this chapter before January 1, 2013, may be carried forward
as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-11-24; (12)IN0333.1.7. -->
SECTION 7. IC 6-3.1-11-24 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 24. (a) A tax credit may not be awarded under this
chapter after December 31, 2012. However, a credit awarded
under this chapter before January 1, 2013, may be carried forward
as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-11.5-27; (12)IN0333.1.8. -->
SECTION 8. IC 6-3.1-11.5-27 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 27. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-11.6-15; (12)IN0333.1.9. -->
SECTION 9. IC 6-3.1-11.6-15 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 15. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-13-28; (12)IN0333.1.10. -->
SECTION 10. IC 6-3.1-13-28 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 28. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-13.5-14; (12)IN0333.1.11. -->
SECTION 11. IC 6-3.1-13.5-14 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 14. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-15-18; (12)IN0333.1.12. -->
SECTION 12. IC 6-3.1-15-18 IS ADDED TO THE INDIANA
CODE AS A
NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 18. A tax credit may not be
awarded under this chapter after December 31, 2012, to a taxpayer
other than an individual.
SOURCE: IC 6-3.1-16-16; (12)IN0333.1.13. -->
SECTION 13. IC 6-3.1-16-16 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 16. A tax credit may not be
awarded under this chapter after December 31, 2012, to a taxpayer
other than an individual. However, a credit awarded under this
chapter before January 1, 2013, to a taxpayer other than an
individual may be carried forward as provided in this chapter.
SOURCE: IC 6-3.1-17-10; (12)IN0333.1.14. -->
SECTION 14. IC 6-3.1-17-10 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 10. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-18-12; (12)IN0333.1.15. -->
SECTION 15. IC 6-3.1-18-12 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 12. (a) A tax credit may not be
awarded under this chapter after December 31, 2012.
(b) This chapter expires January 1, 2014.
SOURCE: IC 6-3.1-19-7; (12)IN0333.1.16. -->
SECTION 16. IC 6-3.1-19-7 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2012]: Sec. 7. (a) A tax credit may not be awarded under this
chapter after December 31, 2012. However, a credit awarded
under this chapter before January 1, 2013, may be carried forward
as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-24-9; (12)IN0333.1.17. -->
SECTION 17. IC 6-3.1-24-9, AS AMENDED BY P.L.172-2011,
SECTION 68, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2012]: Sec. 9. (a) The total amount of tax credits that may be
allowed under this chapter in a particular calendar year for qualified
investment capital provided during that calendar year may not exceed
twelve million five hundred thousand dollars ($12,500,000). The
Indiana economic development corporation may not certify a proposed
investment plan under section 12.5 of this chapter if the proposed
investment would result in the total amount of the tax credits certified
for the calendar year exceeding twelve million five hundred thousand
dollars ($12,500,000). An amount of an unused credit carried over by
a taxpayer from a previous calendar year may not be considered in
determining the amount of proposed investments that the Indiana
economic development corporation may certify under this chapter.
(b) Notwithstanding the other provisions of this chapter, a taxpayer
is not entitled to a credit for providing qualified investment capital to
a qualified Indiana business after December 31, 2014. 2012. However,
this subsection may not be construed to prevent a taxpayer from
carrying over to a taxable year beginning after December 31, 2014,
2012, an unused tax credit attributable to an investment occurring
before January 1, 2015. 2013.
SOURCE: IC 6-3.1-25.2-11; (12)IN0333.1.18. -->
SECTION 18. IC 6-3.1-25.2-11 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 11. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-26-26; (12)IN0333.1.19. -->
SECTION 19. IC 6-3.1-26-26, AS AMENDED BY
P.L.182-2009(ss), SECTION 202, IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2012]: Sec. 26. (a) This chapter
applies to taxable years beginning after December 31, 2003.
(b) Notwithstanding the other provisions of this chapter, the
corporation may not approve a credit for a qualified investment made
after December 31, 2013. 2012. However, this section may not be
construed to prevent a taxpayer from carrying an unused tax credit
attributable to a qualified investment made before January 1, 2014,
2013, forward to a taxable year beginning after December 31, 2013,
2012, in the manner provided by section 15 of this chapter.
(c) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-27-14; (12)IN0333.1.20. -->
SECTION 20. IC 6-3.1-27-14 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 14. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2020.
SOURCE: IC 6-3.1-28-12; (12)IN0333.1.21. -->
SECTION 21. IC 6-3.1-28-12 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 12. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-29-22; (12)IN0333.1.22. -->
SECTION 22. IC 6-3.1-29-22 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 22. A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
taken in annual installments as provided in this chapter.
SOURCE: IC 6-3.1-30-14; (12)IN0333.1.23. -->
SECTION 23. IC 6-3.1-30-14 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 14. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
SOURCE: IC 6-3.1-30.5-16; (12)IN0333.1.24. -->
SECTION 24. IC 6-3.1-30.5-16 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 16. A tax credit may not be
awarded under this chapter after December 31, 2012, to a taxpayer
other than individual.
SOURCE: IC 6-3.1-33-15; (12)IN0333.1.25. -->
SECTION 25. IC 6-3.1-33-15 IS ADDED TO THE INDIANA
CODE AS A
NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]:
Sec. 15. (a) A tax credit may not be
awarded under this chapter after December 31, 2012. However, a
credit awarded under this chapter before January 1, 2013, may be
carried forward as provided in this chapter.
(b) This chapter expires January 1, 2023.
