SB0259

Indiana SB0259 removes penalty for partnerships not including all nonresident partners in composite returns.

Indiana SB0259 amends the state's tax code to eliminate penalties for partnerships that fail to include all nonresident partners in composite returns. The bill removes the requirement for partnerships to withhold tax or file a composite adjusted gross income tax return for nonresident partners under certain conditions. These include partnerships that are publicly traded or meet specific exceptions under the Internal Revenue Code. The bill also makes conforming changes to various sections of the Indiana Code to reflect these amendments.