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Indiana General Assembly
House Bill 1461


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House Bill 1461

ARCHIVE (2007)

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DIGEST OF HB 1461 (Updated April 30, 2007 12:13 am - DI 113)

Tax exemptions and credits. Exempts from taxation certain income derived from qualified patents and earned by a taxpayer. Defines qualified patent to include only utility patents and plant patents. Provides that the total amount of exemptions claimed by a taxpayer in a taxable year may not exceed $5,000,000. Provides that a taxpayer may not claim an exemption for income derived from a particular patent for more than ten taxable years. Provides that the exemption percentage begins at 50% of income derived from a qualified patent for each of the first five taxable years and decreases over the next five taxable years to 10% in the tenth taxable year. Specifies that a taxpayer is eligible to claim the credit only if the taxpayer is domiciled in Indiana and is: (1) either an individual or corporation with not more 500 employees; or (2) is a nonprofit organization or corporation. Requires the department of state revenue to file an annual report concerning the exemption. Establishes the Hoosier alternative fuel vehicle manufacturer tax credit. Provides that the Indiana economic development corporation (IEDC) may award such a tax credit to businesses that make certain qualified investments in Indiana for the manufacture or assembly of alternative fuel vehicles. Provides that the IEDC determines the percentage of the tax credit, which may not exceed 15%. Makes changes to membership qualifications for members of the Lake county convention and visitors bureau (bureau). Specifies that the bureau is a political subdivision for purposes of tort claims against the bureau or its employees.
Current Status:
 Law Enacted
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