The greatest spectacle in racing will occur in Indiana this weekend. We pray for safety and enjoyment for all of the auto drivers, crew members and racing fans. Indianapolis will welcome over 400,000 spectators to the largest single-day sporting event in the world. Hoosier Hospitality! Start your Engines!
Now for our Indiana tax update ……. Indiana Governor Mike Pence signed legislation on May 6, 2015, which will impact the following:
- Hoosier Business Investment Tax Credit and Venture Capital Investment Tax Credits have been extended to December 31, 2020.
- Effective January 1, 2016, material handling equipment used for transporting materials from an onsite location will be sales tax exempt if purchased for direct use in the direct production, extraction, harvesting or processing of agricultural commodities.
- Indiana EDGE Credits available are expanded to $255 million through July 1, 2016.
- The historic rehabilitation credit (as we know it) will expire June 30, 2016. The process will now be awarded in the form of a grant.
- Indiana is considering becoming a market-based sourcing state which will change the method of sales allocation to the state where the benefit is received rather than where the service is performed.
Contact your Somerset advisor if any of these topics may impact your business.