Senate advances new $500 child tax credit
Bill author Sen. Greg Walker, R-Columbus, said the tax credit is one of many measures lawmakers should consider to make it easier for Hoosiers to afford to have children.
Income taxes
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Bill proposing continued income tax rate cuts passed by committee
Hoosiers would see the percentage of their income the state takes for taxes continue to decrease under a bill progressing through the Indiana House.
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IRS throws chill into collectives paying college athletes while claiming not-for-profit status
The rapidly expanding landscape of not-for-profit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption.
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Bill making tech parks eligible for more tax revenue heads to governor
A bill that would allow Indiana tech parks to capture a larger share of tax revenue is poised to become law after the Senate voted unanimously Monday to advance the legislation to the governor’s office.
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Should the state ax its individual income tax?
A powerful Senate Republican plans to introduce legislation next year to create a commission to consider changes to Indiana’s tax structure, including phasing out the state income tax.
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Articles
State posts second straight month of better-than-expected revenue
Income taxes drove the overall increase, with collections up 4.7% more than the agency anticipated.
Five takeaways from the just-released House Republican budget plan
The two-year spending plan funds many of Gov. Mike Braun’s agenda items—including additional funding for private school vouchers—but doesn’t include several state tax cuts the new governor proposed.
Kentucky governor, a Democrat, signs GOP-backed personal income tax cut
As Indiana politicians debate the best way for the state to relieve a growing property tax problem, their neighbors just to the south have made a decisive move about taxation.
Bill seeks more income tax revenue for Hamilton County cities, especially Fishers
A bill aimed at adjusting the way income taxes are distributed in Hamilton County seeks to address a disparity in revenue received by Fishers—a situation that has lingered for years.
Lawmakers ready tax legislation ahead of session prime for reform
Policymakers have proposed at least 12 bills seeking to create or adjust property tax credits or deductions and institute freezes.
Taxpayers getting bigger standard deductions in 2025, but with smaller boosts than recent years
The Internal Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday.
Noblesville, Westfield lead the effort for sports district changes
The cities are set to ask state lawmakers to change the rules that govern how and when cities can benefit from taxes generated by sports-related projects.
IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire
The IRS is warning taxpayers that they might be leaving more than $1 billion in unclaimed refunds on the table.
Replacing income tax with sales tax hike would cost poor Hoosiers more, experts say
Analyst Neva Butkus with the Institute on Taxation and Economic Policy called the state’s tax system “deeply regressive,” meaning that lower-income residents contribute larger shares of their income toward government services.
Budget experts recommend caution before Indiana considers tax overhaul
Key Indiana Republicans at a task force meeting heard tepid support on Friday for their hopes to cut or scrap the state’s individual income tax.
Income tax revenue replacement ‘remains to be seen,’ state budget director says
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.
Dems accuse tax-prep firms of undermining IRS effort on free-file returns
The IRS in May announced that it would launch a pilot program for the 2024 filing season to allow taxpayers to file directly to the agency for free.
Where the GOP gubernatorial candidates stand on axing income taxes
Indiana collected almost $8.2 billion in individual income taxes in fiscal 2022, accounting for roughly one-third of the state’s overall tax revenue.
TurboTax customers to receive checks for $141M settlement
Millions of Americans who qualified for free tax services—but were instead deceived into paying TurboTax for their returns—will soon get settlement checks in the mail.
Average income tax refund smaller than last year’s
The filing deadline for most taxpayers is Tuesday, though it has been extended for parts of Indiana, California, Alabama, Georgia, New York, Tennessee, Arkansas and Mississippi that were hard hit by severe weather.
IRS looking into free electronic tax-filing system for all
Big tax preparation companies have millions of dollars to lose if the program comes to fruition. Last year, more than 60 million taxpayers were serviced by Intuit, the parent company of TurboTax, and H&R Block.
IRS overhaul aims for tenfold increase in audits of the wealthy
IRS and Treasury Department officials said Thursday that they will use part of the $80 billion in new funding for the tax service to claw back unpaid balances from high-income earners and complex businesses.
New IRS leader promises faster, easier tax filing process
Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
Bill seeking to study elimination of state income tax moves forward
The proposal would form the State and Local Tax Review Commission to study the feasibility of ending Indiana’s income tax and reforming property taxes for Hoosiers.