Interest Groups

Bill Watch, March 4, 2014: Current Business Law Legislation of Note - Business Law News

Get the news you want the way you want it: click the RSS button in the right corner to add this feed to your RSS reader, or click here to subscribe to this content. By subscribing, you’ll find this news on your Member Account page, and the latest articles will be emailed to you in your customized IndyBar E-Bulletin e-newsletter.

Business Law News


Posted on: Mar 6, 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 mindy.westrick@faegrebd.com.

Click here to view the full Bill Watch reports.

HB1332 OFFICE OF SMALL BUSINESS AND ENTREPRENEURSHIP (MESSMER M)
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.

Current Status: 2/17/2014 - Returned to the House without amendments

SB1 STATE AND LOCAL TAXATION (HERSHMAN B)
Provides that a county income tax council may adopt an ordinance to exempt from property taxation any new business personal property (other than utility personal property) that is located in the county. Provides that a designating body may establish an enhanced abatement schedule for personal property that may not exceed twenty-five (25) years. 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 2022. Phases down the financial institutions tax rate to 4.9% in 2023. Provides that a taxpayer is not entitled to: (1) a riverboat building tax credit for qualified investments made in a taxable year beginning after 2014; (2) a biodiesel tax credit for the production or distribution of biodiesel or blended biodiesel in a taxable year beginning after 2014; (3) an ethanol production tax credit for the production of ethanol in a taxable year beginning after 2014; and (4) 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.) 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.

Current Status: 3/3/2014 - Returned to the Senate with amendments

SB377 VARIOUS BUSINESS ENTITY MATTERS (GLICK S)
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. (11) 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.

Current Status: 3/3/2014 - Returned to the Senate with amendments



DID YOU KNOW?

Indianapolis Bar Association (IndyBar) est. 1878 | 4,536 Members (as of 2.11.21)