The 2020 “short” (non-budget) session of the Indiana General Assembly concluded in March. Following is a summary of two acts addressing various property tax matters that passed. The summary highlights assessment and exemption provisions in those bills. It is not an exhaustive list. Readers are encouraged to visit the General Assembly’s web site for more information on all bills considered and passed in the session.
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1. Personal Property Tax: Definition of “Inventory” Clarified. Ind. Code § 6-1.1-1-8.4 (eff. January 1, 2014) includes “uniforms, garments, linens, and facilities services supplies owned, held, possessed, or controlled for the purpose of rental or lease in the ordinary course of trade or business” as non-taxable “inventory.”
Many things are taking place:
Policy analyst: Maine needs lower taxes, fewer regulations to rebound from COVID-19 | Maine |
INSIGHT: Covid-19—How are Businesses Adapting Their Operations?
Kate Barton of EY looks at how businesses large and small are dealing with tax, legal and workforce issues when converting their normal operations and factories to help fight Covid-19.
Businesses around the world are responding to the Covid-19 pandemic by converting their normal operations into manufacturing lines that produce desperately needed supplies such as personal protective equipment and ventilators.
There are numerous feel-good stories playing out across industries and geographies as businesses large and small feel compelled to do something to help, especially as government responses have been uneven.
Premium tax credit unaffected by personal exemption decrease to zero - Journal of Accountancy
Under Sec. 151(d)(5)(B), the reduction of the exemption amount to zero in 2018 through 2025 is not taken into account in determining whether a personal exemption deduction is allowed or allowable, or whether a taxpayer is entitled to a deduction under Sec. 151. Even though the amount of the personal exemption deduction was reduced to zero by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, taxpayers are still allowed personal exemption deductions under Sec. 151 for other purposes.
Not to change the topic here:
Trump opens the door to unbridled corruption of your tax dollars - The Boston Globe
With his removal of five inspectors general over the last several weeks, President Trump has undermined the federal oversight network designed to protect taxpayer dollars and promote good governance when it is needed most . He has deliberately opened the door to the unbridled corruption and mismanagement of a federal budget that, taking into account the funds appropriated to deal with the coronavirus pandemic, will have grown by at least 60 percent to exceed $7 trillion in fiscal year
Since the passage of the Inspector General Act in 1978 , inspectors general have borne the front-line responsibility of determining not only that taxpayer money is spent efficiently and effectively, as Congress intended, but also that that public servants implementing programs follow all laws and regulations and conduct their work according to ethical standards.
IRS Prop. Reg.: Periodic Retirement, Annuity Payments Withholding (IRC §3405)
Proposed rules that would provide guidance on the federal income tax withholding on periodic payments under tax code Section 3405(a) , as amended by the 2017 TCJA, issued by the IRS May 26.
STERIS Announces Second On-site Decontamination Solution for Respiratory Masks NYSE:STE
This EUA is the second authorization for STERIS to temporarily provide a solution for decontaminating compatible N95 respirators. The first EUA, announced by STERIS on April 10, 2020, utilizes vaporized hydrogen peroxide to decontaminate respirators.
STERIS recommends decontaminating masks after each use, up to a maximum of ten times, and maintaining chain of custody to minimize risk of cross contamination. Given the installed base of these sterilizers in the U.S., over thirty million respirators per day could be decontaminated if fully utilized for this method. For more information, please visit steris.com/covid-19 .
President Trump's Regulatory Process Changes Will Not Stick | The Regulatory Review
The Trump Administration's regulatory rollbacks will not have staying power among future administrations.
I agree with Yeatman that there are instances in which agencies issue guidance documents where a legally binding rulemaking would be more appropriate. Yet that does not mean that all guidance is rulemaking in disguise, as Yeatman and Trump Administration officials have claimed .
Moreover, it is simply mistaken to state that guidance documents are legally binding, rather than the underlying laws and regulations the guidance interprets. But this is the foundational assumption upon which the Trump Administration guidance document reforms have been built. The intent of these reforms is clear: to chill agency use of guidance documents by imposing procedural requirements—such as notice and comment, cost-benefit analysis, and review by the U.S.
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