HA 3 to HB 255

This amendment adds a sunset for the changes to bonus depreciation in House Bill No. 255, and requires the Department of Finance to present a report regarding the actual revenue impact of this bill, as well as updates on federal law and recommendations for future tax policy at the December 2027 DEFAC meeting. The decoupling from §§ 70301 and 70307, P.L. 119-21, will sunset after the 2030 tax year. This is when the provisions of P.L. 119-21 for qualified production property are scheduled to expire under federal law. Property placed in service during the decoupling period will continue to be treated under the same schedules for depreciation after the decoupling sunsets. Property placed in service thereafter shall be treated under the then-current federal law. The research and development changes in House Bill No. 255 apply only to the 2022 through 2025 tax years, so there is no need to sunset them. This amendment is identical to House Amendment No. 1 except that it adds the requirement that copies of the Department of Finance report to DEFAC must be delivered to the Chief Clerk of the House and the Secretary of the Senate for distribution to all members of the General Assembly.