Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2012 Page 16
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64amendment extends the suspension of the ability to deduct more than
Qualified advance mining safety equipment add-back
100% of the net income from that property for marginal production
126
(less than 15 barrels per day and heavy oil)).
If you claimed a deduction for the expense of qualified advanced mine
safety equipment under Section 179 of the Internal Revenue Code,
Enter code 134 on Schedule 1 under line 7 if reporting this add-back.
add the amount necessary to make your adjusted gross income (AGI)
equal to the amount of AGI that would have been computed had the
OOS municipal obligation interest add-back
137
deduction not been claimed.
Interest earned from a direct obligation of a state or political subdivi-
sion other than Indiana (out of state, or OOS) is taxable by Indiana
Enter code 126 on Schedule 1 under line 7 if reporting this add-back.
if the obligation is acquired after Dec. 31, 2011. Interest earned from
obligations held or acquired before January 1, 2012, is not subject to
Qualified disaster assistance property add-back 110
Indiana income tax and should not be reported as an add back.
If you claimed the special allowance for qualified disaster assistance
property under Section 168(n) of the IRC, add the amount necessary
Note. Interest earned from obligations of Puerto Rico, Guam, Virgin
to make your adjusted gross income (AGI) equal to the amount of AGI
Islands, American Samoa, or Northern Mariana is not included in
that would have been computed had the special allowance not been
federal gross income and is exempt under federal law. There is no add-
claimed for the property.
back for interest earned on these obligations.
Enter code 110 on Schedule 1 under line 7 if reporting this add-back.
For more information about this add-back, see Income Tax Informa-
tion Bulletin #19 at
Qualified electric utility amortization add-back 135
The following provision of the Internal Revenue Code (IRC) that was
Enter code 137 on Schedule 1 under line 7 if reporting this add-back.
amended by the Tax Relief Act, Unemployment Insurance Reauthori-
zation, and Job Creation Act of 2010 (P.L. 111-312) is to be treated as
Other (current year conformity) add-back
120
though it was not amended by that act:
Before this publication was finalized Indiana had not conformed
to any changes to the Internal Revenue Code (IRC) that may have
Section 451(i)(3) of the IRC pertaining to special rule for sales or
become law after January 1, 2011. Therefore, the IRC used to figure
dispositions to implement Federal Energy Regulatory Commission or
Indiana income may not be the same as the IRC used to figure federal
state electric restructuring policy for qualified electric utilities. (The
income.
federal amendment provides that the sale or other disposition of prop-
erty used by a qualified electric utility to an independent transmission
This add-back is specific to these annual current year conformity is-
company will allow the electric utility to elect to recognize gain from
sues. If uncertainty exists as to whether or not Indiana will adopt some
the transaction ratably over an eight year period beginning in the year
or all of the federal legislation passed during 2012 that acts to modify
of the sale if the amount realized from the sale is used to purchase ex-
federal AGI, you may add-back those items as an “other” add-back. In
empt utility property within the applicable period. This amortization is
the event those items are adopted, an amended return should be filed
disallowed for Indiana purposes).
to recoup the add-back(s).
Enter code 135 on Schedule 1 under line 7 if reporting this add-back.
All entries marked as “other” must be reported as a positive amount
on the original tax return. Negative entries will not be allowed.
Qualified environmental remediation costs add-back
121
This add-back is only for current year conformity issues. Conformity
If you claimed a deduction for qualified environmental remediation
issues for preceding tax years must be addressed on the add-back
costs under Section 198 of the Internal Revenue Code, add the amount
line specific to the item in question. For instance, an add-back for the
necessary to make your adjusted gross income (AGI) equal to the
qualified refinery property was first added-back on the 2009 Schedule
amount of AGI that would have been computed had the deduction not
1, line 12. The adjustment going forward should be reported on the
been claimed.
2012 Schedule 1, line 7, using the 3-digit code 111.
Enter code 121 on Schedule 1 under line 7 if reporting this add-back.
If the state legislature does not conform to federal code changes
enacted after January 1, 2012, you may have to amend your return at
Qualified film or television production add-back 112
a later date to reflect any differences between Indiana and federal law.
If you made an election under Section 181 of the IRC to expense costs
You may wish to periodically check the Department’s homepage at
for a qualified film or television production tax purposes, add the
for updates.
amount necessary to make your adjusted gross income (AGI) equal to
the amount of AGI that would have been computed had the election
Enter code 120 on Schedule 1 under line 7 if reporting this add-back.
not been made for that year.
Enter code 112 on Schedule 1 under line 7 if reporting this add-back.
Page 16
IT-40 Booklet 2012
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