Indiana has made the following changes to the tax laws for 2020
Your Indiana Adjusted Gross Income will conform to the Internal Revenue Code for federal changes adopted after Jan. 1, 2020. If the 2021 Indiana General Assembly does not conform to the most current changes to the Internal Revenue Code, you may have to amend your tax return at a later date to reflect any differences between Indiana and federal law. It may benefit you to check the Indiana Department of Revenue page periodically for updates.
- The portion of wagering taxes required to be added back as a tax
based on or measured by income is being phased out. See page 12
for more information.
- The federal repatriated dividends add-back (139) is no longer
reported by individuals.
- A new conformity add-back (147) is available for negative
entries. See page 13 for more information.
- Redevelopment Tax Credit. You may be eligible for a credit
if you made a qualified investment for the redevelopment
or rehabilitation of real property located within a qualified
redevelopment site. See page 53 for more information.
School Scholarship Tax Credit Contribution Ceiling Increased.
The total of allowable net contributions to the program has
increased to $16.5 million for the program’s fiscal year of July 1,
2020 through June 30, 2021.
Venture Capital Investment Credit reporting change. This
credit must be reported on Schedule IN-OCC. See instructions.
- Tax on the Military Retirement Income and/or Survivor’s
Benefits is being phased out. See instructions on page 20 to figure
- Injured spouse or spouse who claims to not be liable for all
or part of a tax liability. if you are married filing jointly and
want to file with one of these designations, see Schedule 7, line 5
instructions on page 54.