STATEHOUSE—House Ways and Means Committee Chairman Jeff Espich’s (R-Uniondale) legislation concerning tax administration passed the Indiana House of Representatives with a 90-5 vote late Monday night. Included in this legislation are many taxpayer friendly provisions relating to property taxes and tax credits.
House Bill (HB) 1072 would streamline certain property tax-related reporting requirements, including specifying that notices on final budget actions be given electronically. The Department of Local Government Finance (DLGF) would also be required to develop and maintain a web-based system for forms—a project already underway.
HB 1072 would also remove the requirement for the DLGF to publish several unnecessary annual reports, saving the state additional time and resources.
“Some of the property types in the DLGF’s reports – such as inventory – are no longer taxed,” said Chairman Espich. “This legislation would update reporting requirements accordingly, which, in turn, could result in a reduction of administrative costs. No information is being lost; we are just restructuring the process.”
HB 1072 would also extend the Hoosier Business Investment (HBI) tax credit until 2015 to allow the Indiana Economic Development Corporation (IEDC) to award new tax credits to growing Hoosier businesses for an additional two years.
“The majority of the bill is based on recommendations from the DLGF and the State Budget Agency. Overall, it’s aimed at streamlining processes to reduce administrative time and save state resources. ”
HB 1072 will move on to the Senate for further discussion and debate.
To find all the provisions of this legislation, as well as the most up-to-date bill status, visit www.in.gov/legislative.