12 HќќѠіђџȱ юћјђџ ѝџіљȱ2014 The bill establishes the Commission on Business Personal Property and Business Taxation to study certain issues during the 2014 legislative interim. What you need to know: The Financial Institutions Tax (FIT), which has operated in parity with the Corporate Income Tax, was not included in the reduction to 4.9 percent. Last year the IBA GR Team fought to maintain the FIT at an equal level with the Corporate Income Tax reduction. The IBA sought the same reduction in the FIT that the corporate income tax rate receives. A reduction in the FIT from 6.5 percent to 4.9 percent should impact the state revenues on an annual basis of close to $15 million. The scheduled FIT reduction is as follows: % 2019 – 6.25 percent % 2020 – 6 percent % 2021 – 5.5 percent % 2022 – 5 percent % 2023 – 4.9 percent. SB 36 – Probate, Trust, and Transfer ȱ ȱ ĴȱȮȱSen. Mike Delph, R-Carmel, and Rep. Eric Koch, R-Bedford What the bill does: This bill makes various changes to the probate and trust statutes of the Indiana code. All of the suggested changes were recommendations that came from the Probate Code Study Commission, which met during the summer of 2013. Of particular note is that the ȱęȱȱȱȱȱ dispensing with the administration of small estates are available to distributees and to persons acting on behalf of distributees, rather than to persons claiming to be entitled to ¢ȱȱȱȂȱǯ It provides for an enforcement action against a person who does not ¢ȱ ȱȱę¢Ȃȱȱ or instruction. It allows a court to ȱĴ¢Ȃȱȱȱȱȱ an enforcement proceeding, if the person: acts in bad faith in refusing to comply with the demand or instruction; or refuses to respond to ȱę¢Ȃȱȱȱȱ within 10 business days after receiving the demand or instruction, if the demand or instruction is Ĝǯ What you need to know: The small estate language was initiated by the Indiana State Bar Association, stating that banks were arbitrarily ¢ȱȱȱĜǯȱ ȱ initial language introduced in the Probate Code Study Commission that was largely drafted by the Indiana State Bar Association included heavily punitive actions against a lender for the denial of a small estate Ĝǯȱ ȱ ȱ ȱ ȱ ȱȱȱĴȱȱ ȱ the language. The result is what is currently included in the bill. SB 208 – Unclaimed Property – Sen. Greg Walker, R-Columbus, and Rep. Bob Heaton, R-Terre Haute What you need to know: The bill ȱȱĴ¢ȱȱǻ Ǽȱȱ withhold from disclosure certain personal information contained in a report or claim for unclaimed property. The bill requires unclaimed property held in a safe deposit box to be delivered to the AG not later than 30 days after the property is reported to the AG. (Current law prohibits the property from being delivered to the AG until 120 days after the property is reported.) The bill provides that an owner of interest-bearing property is entitled to receive interest that accrues after the date the property is delivered to the AG. The bill corrects an internal reference. What you need to know: This ȱ ȱȱ¢ȱȱ Ĝȱ ȱȱ ȱ Ĵ¢ȱ ǯȱ The new shortened time period for holding reported unclaimed property is regarded as a positive change for the industry. SB 329 – Home Inspections – Sen. Earline Rogers, D-Gary, and Rep. Rick Niemeyer, R-Lowell What you need to know: The bill ȱĴȱǰȱȱȱ or crawl spaces, to be inspected during a home inspection. What you need to know: This bill originated from a constituent who had received what he felt was an unsatisfactory home inspection. The new requirements were not able to be added through regulatory rulemaking. Your supplier for over 150,000 marketing and promotional items. FORMING A PARTNERSHIP WITH INDIANA BUSINESSES. 1419 Fabricon Blvd. • Jeffersonville, IN 47130 (800) 736-1326 R5 /&&7 ,0# 5 ,#(.#(! 5 R5 ) /' (.5 ' !#(! 5 5 R5 (7 ' ( 5 ,#(.#(!5 5 5R5 (7 #( 5 , ,#(!5 3-. '- 55R5 # ,7 ( ) 5 ) /' (.- 555R5 ),'-5 ( ! ' (. Call us for your FREE forms cost analysis! Adam McCoskey Vice President - Sales Southern Indiana ngh7ono7ohil arm@voluforms.com Tom Staley Vice President - Sales Central / Southern Indiana ngh7hkn7hmhh tjs@voluforms.com Susan Voyles Garr Vice President - Sales Southern Indiana 812-987-6008 svg@voluforms.com Jim Hutchinson Vice President - Sales Southern Indiana ngh7hkn7hmhi jfh@voluforms.com Scan QR code to visit www.voluforms.com Continued from page 11.
RkJQdWJsaXNoZXIy MTg3NDExNQ==