Allows Indiana taxpayers to deduct theft losses from their state income tax.

Indiana SB0213 adds a new section to the Indiana Code to allow taxpayers to deduct theft losses from their state income tax. The deduction applies to losses resulting from thefts induced by third parties, such as distributions from qualifying accounts or sales of stocks, bonds, or certificates of deposit. The deduction amount is limited to the lesser of the theft loss or the amount reported in the taxpayer's adjusted gross income for the taxable year. The Department of Revenue must certify the deduction before the taxpayer can claim it. The bill is effective January 1, 2024, retroactively.

Allows Indiana taxpayers to deduct theft losses from their state income tax.

Indiana SB0213 adds a new section to the Indiana Code to allow taxpayers to deduct theft losses from their state income tax. The deduction applies to losses resulting from thefts induced by third parties, such as distributions from qualifying accounts or sales of stocks, bonds, or certificates of deposit. The deduction amount is limited to the lesser of the theft loss or the amount reported in the taxpayer's adjusted gross income for the taxable year. The Department of Revenue must certify the deduction before the taxpayer can claim it. The bill is effective January 1, 2024, retroactively.