Indiana businesses and individual taxpayers might have double the work (and double the cost) to calculate their taxes next year, since lawmakers packed up and went home this month without passing a key update to state tax laws.
The mistake, if not corrected during an upcoming special session, could cost the Indiana business community upwards of $100 million in additional tax preparation costs, the state’s top business advocacy group estimates.
The problem stems in part from the tax reform law Congress passed late last year. State lawmakers planned—as usual—to update Indiana’s tax code to conform with the latest federal changes.
In a typical year, that requires just a few tweaks (often just a date change) that help make it easier for taxpayers to prepare their state returns after filing their federal ones.
This article was submitted by Emily A. Shrock, Marion County Assessor's Office. If you would like to submit content or write an article for the Tax Section, please email Kara Sikorski at email@example.com.