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In 2002 the average property tax assessment in the state was 8.82%, with some areas in excess of 10% leading to calls for property tax reform. [7] Governor Mitch Daniels ran for office in 2004 advocating reform as part of his platform. During the subsequent legislative session, the General Assembly approved a 1% cap on property tax rates.
Uncommon Laws. The United States tax code is anything but simple. The instructions for the standard 1040 tax form alone are more than 100 pages long, and good luck getting through them in one sitting.
Even basic household items, such as furniture, are subject to the "tangible personal property" tax. Oregon. Oregon allowed the sale of recreational marijuana beginning in October 2015.
This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business. [1] Buildings were not eligible for section 179 deductions prior to the passage of the Small Business Jobs Act of 2010; however, qualified real property may be deducted now. [2]
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year.
Ken and Klee give an easy and quick explanation of Indiana Form IT-40 to help newbies understand some of the basics of Indiana Income taxes.
The distinction between tangible and intangible personal property is also significant in some of the jurisdictions which impose sales taxes. In Canada, for example, provincial and federal sales taxes were imposed primarily on sales of tangible personal property whereas sales of intangibles tended to be exempt.
The sales and use taxes, taken together, "provide a uniform tax upon either the sale or the use of all tangible personal property irrespective of where it may be purchased." [ 15 ] Some states permit offset of sales taxes paid in other states on the purchased goods against use tax in the taxpayer's state.