The Indiana Department of Revenue (DOR) recently took on the difficult task of explaining how Indiana is treating the tax impacts of the various pieces of federal stimulus legislation passed in 2020 and earlier this year. As you can appreciate, there are many facets to these matters. The state agency has done an admirable job in trying to break it all down. This DOR document can serve as a good reference in sorting out the particulars, including which federal changes our state tax code conforms to and which it does not or treats differently.
Also of note: DOR has just issued its legislative synopsis for the 2021 session.
Meanwhile, there is now talk of more changes to the federal tax code, including proposals that would alter the provisions of the Tax Cut and Jobs Act of 2017 (TCJA). Directly related to the possibility of changes to the TCJA, the Biden administration is supporting the adoption of a global minimum corporate tax, an idea promoted by the Organization for Economic Co-operation and Development and recently endorsed at the G7 Summit. Our friends at the Tax Foundation address these proposals in a comprehensive article, which suggests the changes could have a substantial impact on many Indiana companies that do business overseas.
Resource: Bill Waltz at (317) 264-6887 or email: bwaltz@indianachamber.com
