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.
Sales tax collections were $28 million above May collections last year, and individual income tax collections were $177 million above the same time in 2010. Strong employment and income growth had a lot to do with it.
Legislators are moving ahead with a plan to cut Indiana's corporate income tax by about 40 percent while holding off on phasing out the state inheritance tax.
Governor, economic development officials look to lure companies to Indiana that now may find doing business in Illinois too costly. But a few experts question whether the state will see any immediate benefits.
The State Department of Revenue estimates the change will affect about 1 million taxpayers and save the state about $200,000 in the next fiscal year.
Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don’t itemize their deductions will lose a tax break for paying local property taxes.
Dwindling tax revenues will cause a projected $1.3 billion budget gap as the state enters its next budget, according a report released Thursday by the Indiana Fiscal Policy Institute.
Federal prosecutors allege man embezzled $1.6 million from a title insurance company.
After 30 years of government
studies of a regional transportation system, a private-sector group on Wednesday is set to unveil its own
plan that includes commuter rail and toll lanes added to congested interstate highways.
Indiana taxpayers filed a record 2.2 million electronic federal tax returns this year.
