SB 383 – Various Tax Matters
Authored by Sen. Travis Holdman (R-Markle)
This is the Department of Revenue’s (DOR) annual bill containing a collection of changes the agency has identified as needed to improve state tax administration. Among the many provisions are those establishing new procedures for how individual partners must amend their tax state when the Internal Revenue Service audits and changes their partnership’s federal tax liability (on which their state income tax return is based). Of course, it also makes numerous other changes. Full details.
Chamber position: Support in Part
The latest: The House Ways and Means Committee adopted new amendments to the bill and passed it 22-0. The amendments will be incorporated into the bill (and the above digest will be revised) when the bill is reprinted. The bulk of the amendments were those submitted by the DOR to refine the federal partnership audit adjustment provisions. Another amendment involving the local income tax council authority in certain counties does not directly relate to the underlying bill. The reprinted, updated version will be available by next week.
Indiana Chamber action/commentary: The Chamber continues to support the ongoing work on the provisions that address the state tax procedures for adjusting partner liabilities in response to a federal partnership adjustment. Fine tuning these changes has proven to be tedious work for the DOR tax attorneys. We remain thankful to them. our tax committee team and folks in the CPA community for their collective dedication to the effort. We believe the bill is in pretty good shape, but it remains possible that it could take on additional changes, so we will maintain our focus on it as it may further evolve before final passage.
Resource: Bill Waltz at (317) 264-6887 or email: bwaltz@indianachamber.com
