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Bill Watch, March 21, 2014: Current Business Law Legislation of Note - Business Law News

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Business Law News


Posted on: Mar 21, 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: 3/20/2014 - Received by the Governor

SB1 STATE AND LOCAL TAXATION (HERSHMAN B)
Specifies that the county income tax council of a county may adopt an ordinance providing that if for a particular assessment date the acquisition cost of a taxpayer's business personal property in a county is less than $20,000: (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 for that assessment date is exempt from taxation. Specifies that such an exemption ordinance may apply to assessment dates after December 31, 2015. Specifies that this exemption does not apply to mobile homes assessed as personal property, personal property held as an investment, or personal property that is owned by certain utilities subject to regulation by the utility regulatory commission and is assessed as utility property. Requires the taxpayer to file a certification with the county assessor before May 15 of the year in which the assessment date occurs, and imposes a penalty if the annual certification is not timely filed. Provides that the tax rate for certain tax increment financing areas shall be calculated as if this exemption were not in effect. Provides that a county income tax council may adopt an ordinance to exempt from property taxation any new business personal property that is located in the county. Specifies that this exemption does not apply to mobile homes assessed as personal property, personal property held as an investment, or personal property that is owned by certain utilities subject to regulation by the utility regulatory commission and is assessed as utility property. Provides that a designating body may establish an enhanced abatement schedule for personal property that may not exceed 20 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% after June 30, 2021. Phases down the financial institutions tax rate to 4.9% in calendar year 2023. Provides that a retail merchant engaged in selling bulk propane at retail in Indiana shall claim a credit before June 30, 2014, equal to the sales tax paid by the retail merchant's customers after December 31, 2013, and before April 1, 2014, on that part 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 purchase of bulk propane occurring after the retail merchant claims the credit. Specifies that retail merchants are entitled to a collection allowance for administering the credits provided to customers. Establishes the commission on business personal property and business taxation to study certain issues during 2014.
Current Status: 3/20/2014 - Received by the Governor

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: 3/20/2014 - Received by the Governor


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