December 2024 Tax Bulletin

Indiana Department of Revenue sent this bulletin at 12/06/2024 03:52 PM EST

December 2024

New Utility Sales Tax Exemption Form

Customers may begin submitting a new form for filing a Utility Sales Tax Exemption on Dec. 18, allowing a restaurant to receive a 50% exemption from sales tax on electricity without performing a utility study. (IC 6-2.5-5-5.1(f).

Form ST-200R is required to receive the ST-109R exemption certificate, which will be issued beginning Jan. 1, 2025.

Successor Liability

Effective Jan. 1, 2024, when a business owner sells more than 50% of their business’s tangible personal property to another person (a successor), the successor will be liable for the seller’s past due sales, use, county innkeeper’s, and food and beverage taxes.

A Notice of Transfer in Bulk must be filed with DOR at least 45 days prior to the transfer or sale of tangible personal property of the business.

Visit the Successor Liability webpage to learn more.

State and County Income tax rate changes

Departmental Notice #1 has been updated to reflect local income tax rate changes in four counties. These rate changes are for tax withholding effective Oct. 1, 2024. The changed rates are as follows:

Decatur .0245, decreasing from .025
Fayette .0282, increasing from .0257
Fulton .0288, increasing from .0268
Henry .0202, increasing from .018

Our Tax Library has other information Bulletins and Departmental Notices available.

Updated Individual Income Tax Webpage

Tax season is almost here, and we’ve updated our Individual Income Tax webpage for your convenience. As we continue to provide easy access to valuable information, tax practitioners may also refer to the updated Tax Practitioner FAQs for answers to practitioner-related questions.