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Bill Watch, Feb. 14, 2014: Current Business Law Legislation of Note - Business Law News

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Business Law News

Posted on: Feb 18, 2014

The IndyBar Legislative Committee is currently monitoring the following business law related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Mindy Westrick at

Click here to view the full Bill Watch reports.

Codifies the law concerning the office of small business and entrepreneurship. Transfers the small business development center, the small business ombudsman, and the young entrepreneurs program from the Indiana economic development corporation to the office of small business and entrepreneurship by removing or repealing the appropriate provisions in the Indiana economic development corporation law and recodifying them in the law concerning the lieutenant governor. Extends the young entrepreneurs program by two years. Makes conforming changes. Repeals the following chapters that are substantively similar to other chapters of the Indiana Code: (1) The promotion of livestock shows. (2) The promotion of foreign markets for agricultural products. (3) The promotion of aquaculture. (4) The inspection of grain moisture testing equipment. Repeals the community promotion program. Transfers money from the livestock industry promotion and development fund to the fund created in a similar chapter. Transfers money from the livestock export facility administration fund and the community development fund to the state general fund. Makes an appropriation.

Provides that if the value of a taxpayer's business personal property in a county that would otherwise be subject to taxation is less than $25,000 for a particular assessment date: (1) the taxpayer is not required to file a personal property return for the taxpayer's business personal property in the county for that assessment date; and (2) the taxpayer's business personal property in the county is exempt from taxation for that assessment date. Requires the taxpayer to file an annual certification with the county assessor. Provides that the tax rate for certain tax increment financing areas shall be calculated as if this exemption were not in effect. Provides that if a county or municipality receives a reimbursement, repayment, or penalty from a taxpayer on account of the taxpayer's failure to comply with the statement of benefits provided by the taxpayer as part of a property tax abatement or on account of the taxpayer's failure to comply with any other requirement to receive a property tax abatement, the county or municipal fiscal officer shall distribute the amount of the reimbursement, repayment, or penalty on a pro rata basis to each taxing unit that contains the property that was subject to the abatement deduction. Phases down the corporate income tax rate from 6.5% in 2015 to 4.9% in 2019. Phases down the financial institutions tax rate to 4.9% in 2022. Reduces the research and development tax credit percentage by half for qualified research expense incurred after 2014. Provides that a taxpayer is not entitled to: (1) a college contribution tax credit for contributions made in a taxable year beginning after 2014; (2) a riverboat building tax credit for qualified investments made in a taxable year beginning after 2014; (3) a biodiesel tax credit for the production or distribution of biodiesel or blended biodiesel in a taxable year beginning after 2014; (4) an ethanol production tax credit for the production of ethanol in a taxable year beginning after 2014; and (5) a new employer tax credit for wages paid in a taxable year beginning after 2014. Repeals the voluntary remediation tax credit statute. (Under current law, tax credits may not be awarded for taxable years after 2007, and the carryforward period has expired.) Repeals the energy savings tax credit. (Under current law, the tax credit may not be awarded for costs incurred after December 31, 2011, and may not be carried forward.) Provides that a retail merchant engaged in selling bulk propane at retail in Indiana shall claim a credit in April of 2014 equal to the sales tax paid by the retail merchant's customers after December 31, 2013, and before April 1, 2014, on that portion of the price of bulk propane that exceeded $2.50 per gallon. Requires such a retail merchant to provide a credit to customers of the retail merchant on their next purchases of bulk propane occurring after March 31, 2014. Establishes the commission on business personal property and business taxation to study certain issues during the 2014 legislative interim. Requires the commission on state tax and financing policy to study income tax deductions and exemptions during the 2014 and 2015 legislative interims.

Makes various changes to business and other associations law concerning the following: (1) Information required to be filed with the secretary of state's office. (2) Information required to be sent to registered agents. (3) Responsibilities of registered agents. (4) An exception to the notice requirements concerning administrative revocations of certificates of authorities and dissolutions. (5) Procedures concerning reinstatement and denial of reinstatement. (6) Stated powers of corporations, nonprofit corporations, and limited liability companies. (7) Issuance of interrogatories by the secretary of state and investigative claims. (8) Filing false documents with the secretary of state. (9) Use of assumed business names. (10) Domestication of nonprofit corporations. (10) The officers and the powers and duties of officers of a limited liability company. Removes provisions concerning the following: (1) Delivery by telecopy and facsimile. (2) Requiring creation of copies of certain documents. Repeals a provision concerning having a corporation as a resident agent.


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