In early May, Indiana Governor Michael Pence (R) signed into law Senate Bill 441 (“S.B. 441”) and House Bill 1001 (“H.B. 1001”), which together eliminate sales factor throwback, expand the related party expense add back to require adjustment for all interest expense, broadens the definition of business income to include all income apportionable under the U.S. Constitution, treat the sale of computer software as a sale of tangible personal property for receipts factor purposes, and require the establishment of tax amnesty for income, sales/use and certain other taxes due for a taxable period ending before January 1, 2013. The foregoing substantive changes to the law take effect January 1, 2016, and apply to taxable years beginning after December 31, 2015. The provisions related to tax amnesty take effect July 1, 2015, and require the establishment of a maximum eight-week tax amnesty period that ends before January 1, 2017.

Click the Download Article button below to view the full article.

Download PDF Button

« Back