Happy New Year from Indurante

What a year 2023 was! Our focus in the new year is: What is the Future? How do we continue to grow and stay the best in this business? When Don posed this question at our annual planning meeting of what makes us the best, our answers were our streamlined processes, our dedication to accuracy, and our combined years of experience. We want to grow and be innovative in our processes so that we can bring the best to our clients. Most of our clients have been with us for twenty plus years and we cannot be more pleased to continue to hear about your positive experiences with our company.

The new year begins with data collection and questions. We thank you for your prompt responses to questions and your delivery of your data. Something not discussed is the fact that you as the client are part of our team as well. We rely on the company’s point person to provide the most complete and accurate information to help reduce your company’s tax liability. We get through the challenges of incomplete or missing data with their help. Please know we appreciate the time and follow-up it takes to gain a complete data request package.

Oregon went online in 2023 with their TAP system for filing and payments. Indiana has also opened their TAP system for tax payments. What is TAP? The states have all slowly but surely implemented the use of TAP software, a taxpayer website for most tax types. Alabama, Mississippi, Georgia, South Carolina, Montana, Oregon, New Hampshire, Indiana, and Utah are online using the same software. There are more states that utilize this type of web-based application for other tax types, so it is only a matter of time until all tax filings are online.

While there are many benefits to online submission, the downside is the loss of experience and knowledge on the state side. Our experienced assessors are retiring or being promoted, and the state is ordering more reliance on the computer’s data analysis for creating assessments. We continue to support the states in their upgrades to new systems and help troubleshoot common problems we’ve had in other states. As the faces change at the state level, Indurante will continue to work with them to understand the nuance of rail car properties.

Noelle, Mark and Don attended the Property Tax Conference in Wichita during the summer. This conference provides industry representatives and state revenue employees with education opportunities. As Don stated in his blog earlier this year, “This is a great opportunity for our Indurante office to interact with assessors and Revenue Directors face-to-face as opposed to the usual emails and phone calls. We can never underestimate the power of face-to-face interaction. There is a certain level of trust that continues to be reinforced when meeting at receptions, hospitality suites, dinner, and organized evening activities.” Indurante has been a part of this conference since the 90’s and is happy to continue the annual tradition of conference attendance.

Noelle and Don attended the Rail Equipment Finance Conference last spring and Kristen and Don attended the Railway Interchange conference last fall. It is easy to become mired in the numbers and facts of our clients, but getting to engage with our clients and industry operators in person helps us better understand our client’s future goals. Education at these conferences provides us with a better understanding of the state of the industry and helps Indurante find more ways to attempt to reduce your tax liabilities.

These conferences also coincide with our attendance and participation in the RSI Tax Committee. This year, the committee, with Don in attendance, met with Indiana law makers to discuss the future of the substantial tax credit as it applies to rail car taxes. Our clients see anywhere between 15-25% reduction in their Indiana tax due to the tax credit. The RSI tax committee monitors legislation for changes that will affect the rail industry and lobbies to gain the most beneficial outcomes for all.

The Indurante team saved our clients over $5.9M in taxes in 2023 from a combination of our assessment review corrections, repair credits applications, idle car deductions, speed studies, protests, and obsolescence presentations.  Our speed study presentations and obsolescence presentations save our clients over $1.8M in tax liability. As we reflect on the last year, we will continue to work on finding more ways to save our clients’ money and enhance our services.

Indurante wishes you and your team and your families a happy and a prosperous New Year!