Indiana taxpayers will see their personal income tax rate reduced by 5 percent over the next four years under a budget plan agreed to Thursday by lawmakers. The plan also repeals the inheritance tax retroactive to Jan. 1.
While arguing for a 10-percent cut in the state's income tax, Pence also said he would like to see a quicker phase-out of the state's inheritance tax.
The state revenue forecast due out April 16 will influence the next two-year budget and possibly help Gov. Mike Pence sell lawmakers on his proposed 10-percent income-tax cut. Experts predict the numbers won’t be much different from those in the last forecast.
Indiana lawmakers and Gov. Mike Pence drew closer to a budget compromise Thursday with the unveiling of a $30 billion Senate plan that cuts the state income tax by $150 million and establishes a new roads fund.
House Speaker Brian Bosma says a national tea party group’s “erroneous” campaign ads have made it harder for lawmakers to support Gov. Mike Pence’s proposal to cut Indiana’s income tax by 10 percent.
Already skeptical of a mass-transit plan for the Indianapolis metro area, influential Sen. Luke Kenley said he decided it was inappropriate to be listed as a sponsor without giving the bill his unqualified support.
Indiana Gov. Mike Pence is taking his pitch for a 10-percent cut in the personal income tax around the state after failing to lock down support for his signature legislative priority inside the Statehouse.
The Indiana House has signed off on a measure that would let local residents vote for higher taxes to pay for a $1.3 billion expansion of the public transportation system.
House Republicans blocked a vote Thursday on Gov. Mike Pence's proposed tax cut, fending off — at least for now — an attempt by Democrats to force them into the awkward position of rejecting one of the new GOP governor's top legislative priorities.
A pair of Republican senators argued Tuesday for the personal income tax cut that Indiana Gov. Mike Pence has made his top priority, while House Republicans across the hall advanced a budget that swaps that cut for education and roads spending.
The Indianapolis Motor Speedway will need far more money than it will get from a proposed state tax subsidy if it hopes to be in the top tier of U.S. racing venues, sports business experts said.
Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus. The credit will be $222 for couples filing joint returns.
A report by the Indiana University Public Policy Institute and Indiana Fiscal Policy Institute recommends streamlining the system.
A new report on Indiana's local income taxes urges state legislators to simplify a system that has seven types of taxes and a two-year lag before the money collected by the state is distributed to local governments.
Indiana’s major-party candidates for governor can’t bestow a job upon every unemployed Hoosier, but each has offered what he considers the next-best thing: at least $500 million in tax cuts.
Not-for-profit-sector lobbyists are fighting President Obama’s proposal to limit the tax deduction for charitable donations. Yet some local fundraisers who could be affected by it aren’t concerned.
The president is going to call it the “Buffett Rule” for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.
Shelbyville racetrack and casino could save millions if it successfully contests the way Indiana interprets state tax law.
A drop in local income-tax revenue could put Indianapolis Mayor Greg Ballard between a familiar political rock and hard place as he faces re-election. Next year’s budgets must be approved in October, when Ballard’s race with Democratic challenger Melina Kennedy will be in the home stretch.
More agencies will be vying for a piece of the city’s income-tax revenue as next year’s budget process begins. But with that money flat-lined next year, city leaders say there may not be enough to share.
