SB0455: A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Page last updated: Sunday, April 20, 2025 at 8:04 PM (America/Indianapolis).

General Information

• Stage: Introduced Senate Bill (S)
• Current Chamber: senate
• Origin Chamber: senate
• Description: Newborn tax credit.

Legislators

Actions (2 total)

• Jan 13, 2025, 7:04 AM: First reading: referred to Committee on Tax and Fiscal Policy
• Jan 13, 2025, 7:04 AM: Authored by Senator Taylor G

Digest

Amends the definition of adjusted gross income to remove the additional dependent child exemption of $1,500 in the first taxable year in which an allowed child is claimed. Establishes a refundable tax credit for newborn children, which an eligible taxpayer may claim only in the first taxable year in which a particular newborn child is eligible for the exemption allowed under specified provisions of the Internal Revenue Code. Defines "eligible taxpayer". Provides that the amount of the credit is $500 per newborn child, or $250 per eligible newborn child in the case of a married individual filing a separate return. Prorates the credit in the case of a resident taxpayer residing in Indiana for a period of less than the taxpayer's entire taxable year.