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Updates
New Property Tax Exemption
Indiana taxpayers should consider whether they qualify for the new property tax exemption for raw materials and work in process, as well as finished goods, that are ultimately shipped outside the state. This is a generous exemption that should be explored by all Indiana manufacturers before filing their 2003 property tax returns.
Refund Opportunities
Indiana taxpayers should consider whether they have any refund opportunities under several recent tax court decisions that ruled:
Indiana taxpayers should consider whether they qualify for the new property tax exemption for raw materials and work in process, as well as finished goods, that are ultimately shipped outside the state. This is a generous exemption that should be explored by all Indiana manufacturers before filing their 2003 property tax returns.
Refund Opportunities
Indiana taxpayers should consider whether they have any refund opportunities under several recent tax court decisions that ruled:
- The Department of Revenue's calculation of NOL deductions was unlawful.
- Capitalized property taxes did not have to be added back in the calculation of adjusted gross income.
- The rental of property by an out-of-state lessor is not necessarily subject to gross income tax, even though the leased property is in Indiana.
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.