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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.
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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.