Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Indiana Making Changes to Business Tax Law
Author: Scarinci Hollenbeck, LLC
Date: March 17, 2014
Key Contacts
Back
Businesses in the state of Indiana could see tax law change in the coming months, as legislation is currently moving through the Senate and House.
According to the NWI Times, Senate Bill 1 would permit counties to eliminate the business personal property tax on new equipment, which could help keep companies in state, as their tax bills are reduced. Counties that don’t eliminate this would be able to abate business personal property taxes for 25 years and reduce the state corporate income tax rate from 7 percent to 4.9 percent by 2023.
Another piece of legislation that could change business tax law is SB 176, which aims to help six central Indiana counties to raise taxes to help fund the expansion of the mass transit system, according to MyDesert.com. If passed, the hope is that the bill would ensure the business community covers 10 percent of the system’s operating costs through a new corporate income or employment tax.
Indiana needs to be careful when deciding on how much to tax businesses to help fund the mass transit system, as too big of an increase could lead them to pack up shop and move to another state. This is the last thing Indiana wants, as losing businesses because of a higher tax bill could damage the state’s economy.
Business owners understand that taxes can increase from year to year but drastic jumps should be avoided. For this reason, the approval of SB 1, which offers tax cuts, could be essential if SB 176 is passed, as this can offer additional tax cuts as other taxes are bumped up.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Indiana Making Changes to Business Tax Law
Author: Scarinci Hollenbeck, LLC
Businesses in the state of Indiana could see tax law change in the coming months, as legislation is currently moving through the Senate and House.
According to the NWI Times, Senate Bill 1 would permit counties to eliminate the business personal property tax on new equipment, which could help keep companies in state, as their tax bills are reduced. Counties that don’t eliminate this would be able to abate business personal property taxes for 25 years and reduce the state corporate income tax rate from 7 percent to 4.9 percent by 2023.
Another piece of legislation that could change business tax law is SB 176, which aims to help six central Indiana counties to raise taxes to help fund the expansion of the mass transit system, according to MyDesert.com. If passed, the hope is that the bill would ensure the business community covers 10 percent of the system’s operating costs through a new corporate income or employment tax.
Indiana needs to be careful when deciding on how much to tax businesses to help fund the mass transit system, as too big of an increase could lead them to pack up shop and move to another state. This is the last thing Indiana wants, as losing businesses because of a higher tax bill could damage the state’s economy.
Business owners understand that taxes can increase from year to year but drastic jumps should be avoided. For this reason, the approval of SB 1, which offers tax cuts, could be essential if SB 176 is passed, as this can offer additional tax cuts as other taxes are bumped up.