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Indiana income and sales tax legislation enacted

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Indiana Gov. Mike Pence has signed several bills that significantly change elements of the Indiana income and sales tax laws. Changes to the corporation income tax include the elimination of the throwback rule, an expansion to the definition of business income and modifications to the intercompany addback rules. With respect to the sales tax, numerous exemption provisions have been expanded, including the manufacturing and agricultural exemptions, while the research and development exemption has been narrowed. Finally, the Indiana Department of Revenue will administer a broad tax amnesty program at some point in 2015 or 2016. Unless otherwise noted, all of the legislative changes are effective on Jan. 1, 2016.

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