Urge Your Rep to Restore Business Property Tax Exemption Back to $160K
The Indiana State Senate has passed Senate Bill 443, which makes a handful of positive reforms to the business personal property tax. SB 443 now moves to House with a couple of changes. The Senate decreased the exemption from $160,000 to $100,000 (still a 20% increase from the current exemption of $80,000). The Senate also removed the provision in the bill eliminating the 30% floor on depreciation. We need every small business owner to reach out to their State Representative and tell them to support SB 443 and increase the exemption back to $160,000.

If passed into law, Senate Bill 443 will make the following changes which will have a positive impact on small businesses:

  • Increased Exemption Threshold: - The bill proposes an increase in the exemption threshold from $80,000 to $100,000 for the acquisition cost of a taxpayer’s total business personal property in a county. This adjustment may significantly benefit small businesses by potentially exempting more of their property from taxation. It also reduces the tax burden on small businesses that typically have lower capital expenditures compared to larger enterprises. This change could lead to increased capital availability for reinvestment in business growth, workforce expansion, or other operational enhancements.
  • Simplified Reporting Requirements: - The bill allows eligible taxpayers to avoid filing personal property tax returns once they have declared their business property exempt. This reduces ongoing administrative responsibilities and costs for small businesses, which often lack extensive resources for tax compliance. Simplifying tax obligations allows entrepreneurs to focus on business development and customer service.
  • Decreased Minimum Valuation Percentage: - By gradually reducing the minimum valuation percentage to zero by 2027, the bill aligns the taxable value of business personal property closer to its market value. Although this change might primarily impact larger-scale businesses with significant personal property, small businesses can benefit indirectly through potential decreases in overall property tax rates within their jurisdictions.

 

Please reach out to your State Representative today and urge them to restore the business personal property tax exemption back to $160,000 in SB 443.

SO… WHAT’S YOUR STORY?

“Your story” is what your legislators need to hear. Your story is the example your business serves of the impact these issues have on real life. Legislators are more likely to read, respond, and react to custom messages.

Tell your legislators what they need to hear about how these changes will positively impact your business. Before legislators vote, you want them to picture your business before they make any decisions. Please use the available space to write a personalized message to your legislators, sharing your business name and story.

Thank you for taking action!

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