summary
Introduced
01/19/2023
01/19/2023
In Committee
01/19/2023
01/19/2023
Crossed Over
Passed
Dead
04/28/2023
04/28/2023
Introduced Session
2023 Regular Session
Bill Summary
Income tax replacement. Eliminates the state adjusted gross income tax by reducing the rate to zero. Provides that the reduction in revenue resulting from the elimination of the state adjusted gross income tax must be offset by adjustments to the state gross retail tax. Provides that in calculating the local income tax (LIT), which is imposed based on a local taxpayer's state adjusted gross income, the calculation of a taxpayer's state adjusted gross income for LIT purposes shall be calculated under the adjusted gross income tax provisions as if those provisions, and the most recent adjusted gross income tax rate before its elimination, were still in effect.
AI Summary
This bill eliminates the state adjusted gross income tax by reducing the rate to zero percent. The reduction in revenue resulting from the elimination of the state income tax must be offset by adjustments to the state gross retail tax. Additionally, for the purpose of calculating the local income tax (LIT), which is imposed based on a local taxpayer's state adjusted gross income, the calculation of a taxpayer's state adjusted gross income for LIT purposes shall be calculated under the adjusted gross income tax provisions as if those provisions, and the most recent adjusted gross income tax rate before its elimination, were still in effect.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
First reading: referred to Committee on Ways and Means (on 01/19/2023)
Taxonomy
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://iga.in.gov/legislative/2023/bills/house/1521/ | 01/20/2023 |
| BillText | https://iga.in.gov/legislative/2023/bills/house/1521/#1.INTR | 01/20/2023 |
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