Lawmakers preview property tax policy at legislative conference
Senate Tax and Fiscal Policy Chair Travis Holdman, R-Markle, said his caucus is ready to introduce between 12 and 15 bills that will affect property taxes.
Taxes
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IBJ Podcast: Pete the Planner on Trump’s potential impact on investors, taxes, inflation and the auto industry
The president-elect is expected to employ tariffs to influence trade, loosen government regulations on companies and try to lower corporate taxes. Pete weighs in on potential winners and losers.
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Hogsett gets OK from city commission on plan to fund soccer stadium
The approval of the taxing district now allows the Hogsett administration to request authorization from the State Budget Committee—a step required because the funding plan relies on up to $9.5 million per year in state taxes.
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Carmel wins lawsuit over state law that diverted local income tax funds to Fishers
Carmel argued the law harmed the city by depriving it of tens of millions of dollars in local income tax revenue it would have otherwise received.
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City, Indy Chamber continue push against repeal of downtown tax district
The city was joined by Indy Chamber and City-County Council President Vop Osili in opposing a proposed county-wide tax provision that would replace the downtown tax district.
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Braun outlines first policy agenda with focus on tax relief, government efficiency
Indiana Gov.-elect Mike Braun’s “Freedom and Opportunity Agenda” also addresses his goals for economic development, public health and quality of life factors like public safety, energy affordability and water cleanliness.
Trump threatens to impose sweeping new tariffs on Mexico, Canada and China on first day in office
The tariffs, if implemented, could dramatically raise prices on everything from automobiles to agricultural products. It is unclear whether Trump will actually go through with the threats or if he’s using them as a negotiating tactic.
Rising price of paying national debt complicates Trump’s promises on growth, inflation
Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.
Two-year tax task force releases property, income and business recommendations
Democrats assailed the recommendations as not providing enough relief to Hoosier taxpayers, and for giving “handouts” to businesses.
Federal court orders Indianapolis business to cease preparing tax returns
A federal investigation into Juan Santiago’s activities revealed an alleged “recurring pattern of fraudulent tax preparation practices.”
Gubernatorial candidates advocate cuts in property taxes, spending in second debate
Voters will have one final televised opportunity to hear from the candidates on Oct. 24 during the Indiana Debate Commission’s debate.
Indianapolis tax district board taking shape with two more proposed appointments
The Indianapolis City-County Council plans to vote in the coming weeks to add two women to the board that will oversee the management of a new tax focused on improving downtown’s cleanliness, public safety and homelessness situation.
Biden administration releases plans for new minimum tax on large companies
The new federal tax guidelines arrive in the midst of a grueling election season, the outcome of which will shape a looming partisan battle in Washington over a set of soon-expiring tax cuts adopted in 2017 under President Donald Trump.
Report: Indiana tax system high for manufacturing, life sciences companies, but low for HQs
The Chamber of Commerce study found that Indiana’s total tax burden—state and local—has been consistently less than the U.S. average.
Holcomb names four Indianapolis business leaders for downtown tax board
The appointments are the first of several expected to be made before November for the board, which was authorized by the City-County Council last month.
New ad urges Sen. Todd Young to support permanent small biz tax deduction
The National Federation of Independent Business said Monday it released the 30-second Indiana ad as part of a national push to extend a 20% small business deduction.
New report shows soccer stadium taxing district could generate $2.1B over 32 years
Of the $2.1 billion in taxes expected to be generated through the district from 2025 to 2056, about $1.7 billion would come from state income and sales and use taxes, the report says.
Cigarette tax hike would help ease state’s Medicaid shortfall, leaders say
Indiana’s current cigarette tax is 99.5 cents per pack, which is the 39th lowest tax rate among the states and hasn’t been increased since 2007.
IRS apology in Trump-related case reveals agency’s shoddy tax security
The IRS confirmed to The Washington Post that 80,000 people and businesses have been affected by the leak. IRS officials, pushed by a lawsuit filed by Citadel CEO Kenneth Griffin, apologized to him and the other taxpayers through a news release last week.
Council plans introduction of tweaked downtown tax district
Funds raised from the downtown economic enhancement district would pay for cleaning and beautification efforts, public safety initiatives, homeless outreach and costs associated with a planned low-barrier shelter.
Mike Pence’s foundation launches $10M election-year campaign to preserve Trump tax cuts
Advancing American Freedom released a 13-page blueprint Thursday with arguments being made to Capitol Hill and to voters in swing states, particularly in those that could decide control of the Senate.
Supreme Court upholds tax on foreign income over challenge backed by business interests
The justices, by a 7-2 vote, left in place a provision of a 2017 tax law that is expected to generate $340 billion, mainly from the foreign subsidiaries of domestic corporations that parked money abroad to shield it from U.S. taxes.
Farmers ask for property tax ‘intervention’ as communities, schools face challenges
Property taxes again took center stage during tax reform discussions Tuesday—with farmers asking for a reprieve and local units of government seeking to head off significant cuts in revenue.
IRS seeks to end another major tax loophole, raise $50B in process
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting”—a process by which a business or person can move assets among a series of related parties to avoid paying taxes.