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IBA: Did You Know?

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The General Assembly passed several bills that affect Indiana taxes:

Effective Jan. 1, 2010, existing businesses no longer are required to have at least 35 employees to qualify for an EDGE credit for job retention.

Effective Jan. 1, 2010 (retroactive), there is a new tax credit for corporations and pass-through entities. If, after Dec. 31, 2009, the business relocates or locates its operations in Indiana, incorporates in Indiana, or expands it operations in Indiana and it employs at least 10 new qualified employees, it is eligible for a credit equal to 10% of the wages paid to qualified employees.

Effective Nov. 6, 2009 (retroactive), the net operating loss deduction may be carried back only two years for losses incurred in 2008 and 2009. (This is different from the IRS NOL, which can be carried back five years.)

Effective July 1, 2010, employers must file their WH-3 and W-2 statements electronically if they file more than 25 withholding statements. (This provision applies to statements filed after Dec. 31, 2010.)

Effective July 1, 2010, sellers of prepaid wireless telecommunications services must collect an Enhanced Prepaid Wireless Telecommunications Service Charge, which is $0.25.

For a full list of the state’s current and upcoming tax changes, visit http://www.in.gov/dor/3656.htm

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  1. The Department of Education still has over $100 million of ITT Education Services money in the form of $100+ million Letters of Credit. That money was supposed to be used by The DOE to help students. The DOE did nothing to help students. The DOE essentially stole the money from ITT Tech and still has the money. The trustee should be going after the DOE to get the money back for people who are owed that money, including shareholders.

  2. Do you know who the sponsor of the last-minute amendment was?

  3. Law firms of over 50 don't deliver good value, thats what this survey really tells you. Anybody that has seen what they bill for compared to what they deliver knows that already, however.

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  5. As one of the many consumers affected by this breach, I found my bank data had been lifted and used to buy over $200 of various merchandise in New York. I did a pretty good job of tracing the purchases to stores around a college campus just from the info on my bank statement. Hm. Mr. Hill, I would like my $200 back! It doesn't belong to the state, in my opinion. Give it back to the consumers affected. I had to freeze my credit and take out data protection, order a new debit card and wait until it arrived. I deserve something for my trouble!

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