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Bill Watch, Jan. 23, 2015: Current Tax Legislation of Note - Taxation News

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Tax News


Posted on: Jan 23, 2015

The IndyBar Legislative Committee is currently monitoring the following tax-related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Lawren Mills at lawren.mills@icemillerstrategies.com.

Click here to view the full Bill Watch reports.

SB357 SALES TAX EXEMPTION FOR DISABLED VETERANS. (GROOMS R) Exempts sales to a person who is a veteran with a 100% disability rating from the state sales tax.

SB441 ELIMINATES CERTAIN TAX DEDUCTIONS AND CREDITS. (HERSHMAN B) Eliminates the World War I veteran property tax deduction for property taxes imposed for an assessment date after 2015. Eliminates the enterprise zone investment deduction for qualified investments made after May 1, 2016. Eliminates the double direct test for the gross retail tax exemption for various transactions involving various types of tangible personal property. Specifies that the exemption applies if the tangible personal property is acquired for direct use or consumption in the production of tangible personal property when the person acquiring the property is occupationally engaged in the business of producing tangible personal property. Eliminates various add backs for purposes of determining Indiana adjusted gross income. Provides that business income is all income apportionable to the state under the Constitution of the United States. Eliminates various income tax deductions and exemptions. Broadens the add back to Indiana adjusted gross income related to intercompany interest expenses. Eliminates various income tax credits. Provides for a tax amnesty program. Makes technical corrections and conforming amendments.

SB531 VARIOUS TAX SALE MATTERS. (HEAD R) Makes numerous changes to the tax sale statute, including the following: (1) Provides that a purchaser of real property by an installment land contract may request notice of the tax sale list. (2) Modifies the provision allowing a county executive to transfer a tax sale property to a nonprofit entity. (3) Provides that a county treasurer may use money held on a person's behalf in the tax sale surplus fund to pay property taxes and special assessments that become due during the tax sale redemption period. (4) Provides that a court may consider a petition for a tax deed without conducting a hearing if there are not any written objections filed. Provides that a political subdivision may conduct an electronic auction of surplus real property held by the political subdivision. Repeals the following: (1) A provision authorizing a county to adopt an ordinance allowing a county auditor to accept a bid that is less than the minimum bid normally required by the tax sale statute. (2) A provision requiring the state board of accounts to specify a form of tax deed to use when a grantee other than a purchaser takes the tax deed. (3) Several provisions that specify what action to take if the tax deed is ineffectual to convey title to tax sale property. (4) A provision specifying how a grantee of a tax deed recovers money owed to the grantee in the context of an action to quiet title filed by the grantee. (5) A provision requiring that the county auditor collect a recording fee from a grantee of a tax deed and have the tax deed recorded. (6) An obsolete provision that allowed a county to adopt an ordinance requiring the county treasurer to waive certain penalties and interest on delinquent property taxes. Makes conforming changes.

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