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(3-digit code: 137) ? Interest earned from a direct obligation of a state or political subdivision other than Indiana (out of state, or OOS) is taxable by Indiana if the obligation is acquired after Dec.
For 2021 and 2022, Taxpayer will claim the otherwise allowable depreciation but will have zero apportionment, effectively disallowing the deduction. For 2023, $115,200 will be permitted as a depreciation deduction, and for 2024 $57,600 will be permitted as a depreciation deduction for the last year.
The Indiana PTE tax rate is equal to the state's individual income tax rate in effect for the taxable year. That rate currently stands at 3.23% for taxable years beginning after Dec. 31, 2016, and before Jan. 1, 2023.
Taxpayers are eligible for a $1,500 tax exemption per year for each dependent child. However, under HB 1001, enacted on , and effective retroactive to January 1, 2023, taxpayers who claim a dependent child for the first time may claim a higher one-time $3,000 exemption for the calendar year.
Tax Add-Back If you claimed a deduction on a Schedule C, C-EZ, E, or F for taxes paid based on, or measured by income and levied at a state level by any state in the U.S., you must add this deduction back to your Indiana return. DO NOT INCLUDE PROPERTY TAXES ON THIS LINE.
Tax Add-Back (3-digit code 100) ? Add back all state taxes based on or measured by income, levied by any state, which were deducted on the federal tax return.
A new add-back (149) is available for the addback of certain meal expenses and for which a deduction is allowable in determining federal adjusted gross income. See page 14 for more information.
Some customers are exempt from paying sales tax under Indiana law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.