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Special Session Will Include Key Tax Legislation

2018-04-27T12:34:00+00:00 April 27th, 2018|

A couple significant pieces of tax legislation were left hanging when the regular session of the General Assembly ended in chaos on March 14. Both SB 242 and HB 1316 were deemed bills that “needed” to pass and are a large part of why the Governor called a special session to convene on May 14.

Senate Bill 242 includes a number of provisions the Indiana Department of Revenue sought to improve tax administration. House Bill 1316 was to update Indiana’s tax code to specify Indiana’s conformance with the federal tax reforms; failure to pass this legislation would greatly complicate 2018 returns and be of substantial consequence to Indiana and its taxpayers. The good news: Legislators will finish what they left undone!

It is anticipated that the two bills will be introduced in the special session in substantially similar form to what was left pending when the time ran out in March. Both had signed conference committee reports making their way to passage at 11:55 p.m. But neither beat the clock.

If you are interested in seeing what is likely to pass (with only a few changes to recognize federal regulatory activity since March), you will want to go back to the text of those conference committee reports: SB 242 and HB 1316.

Resource: Bill Waltz at (317) 264-6887 or email: bwaltz@indianachamber.com