Indiana Governor Signs Law Making Appropriations, Includes Tax Provisions

The Indiana Governor signed a law concerning taxation and making an appropriation. The law includes: 1) phasing in an increase in the acquisition cost threshold for the business personal property tax exemption from $80,000 to $2,000,000; 2) providing that the 30 percent minimum valuation limitation does not apply to business personal property placed in service after Jan. 1, 2025; and 3) providing that a local income tax ordinance to impose a property tax relief rate expires Dec. 31, 2027. The law has various effective dates. [S.B. 1, enacted 04/15/25]