Export income; maritime opportunity districts
Sec. 13. (a) As used in this section, "export income" means the
gross receipts from the sale, transfer, or exchange of tangible
personal property destined for international markets that is:
(1) manufactured at a plant located within a maritime
opportunity district established under IC 6-1.1-40; and
(2) shipped through a port operated by the state.
(b) As used in this section, "export sales ratio" means the quotient
of:
(1) the taxpayer's export income; divided by
(2) the taxpayer's gross receipts from the sale, transfer, or
exchange of tangible personal property, regardless of its
destination.
(c) As used in this section, "taxpayer" means a person or
corporation that has export income.
(d) The Indiana port commission established by IC 8-10-1 shall
notify the department when a maritime opportunity district is
established under IC 6-1.1-40. The notice must include:
(1) the resolution passed by the commission to establish the
district; and
(2) a list of all taxpayers located in the district.
(e) The port commission shall also notify the department of any
subsequent changes in the list of taxpayers located in the district.
(f) A taxpayer is entitled to a deduction from the taxpayer's
adjusted gross income in an amount equal to the lesser of:
(1) the taxpayer's adjusted gross income; or
(2) the product of the export sales ratio multiplied by the
percentage set forth in subsection (g).
(g) The percentage to be used in determining the amount a
taxpayer is entitled to deduct under this section depends upon the
number of years that the taxpayer could have taken a deduction under
this section. The percentage to be used in subsection (f) is as follows:
YEAR OF DEDUCTION PERCENTAGE
1st through 4th 100%
5th 80%
6th 60%
7th 40%
8th 20%
9th and thereafter 0%
(h) The department shall determine for each taxpayer claiming a
deduction under this section, the taxpayer's export sales ratio for
purposes of IC 6-1.1-40. The department shall certify the amount of
the ratio to the department of local government finance.
As added by P.L.62-1988, SEC.2. Amended by P.L.90-2002,
SEC.288.
Last modified: May 28, 2006