Although he has not proposed entirely reversing President Trump’s cut in the corporate tax rate, President Biden has said he would aim to raise potentially hundreds of billions more in revenue from big businesses.
The Treasury Department reported Wednesday that the October through February deficit was 68% larger than the $624.5 billion deficit recorded during the same period last year.
Senate Bill 141 would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law. It also would prevent IndyGo from moving forward with expansion projects, like the Blue and Purple lines, until it secures private funding.
In 2019, Whitestown was one of several suburban communities that received state approval to implement a 1% food and beverage tax, but it didn’t immediately impose it.
Senate Bill 141, authored by Sen. Aaron Freeman, R-Indianapolis, would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law.
Four companies that agreed to pay a combined $26 billion to settle claims about their roles in the opioid crisis plan to deduct some of those costs from their taxes and recoup around $1 billion apiece.
State lawmakers around the country are exploring a range of new taxes targeting Internet giants, seeking to capture some of Silicon Valley’s eye-popping profits and soaring share prices in the midst of the coronavirus pandemic.
Simple tax forms being mailed to people who never collected unemployment benefits are revealing their identities were likely stolen months ago and used to claim bogus benefits that have totaled billions of dollars across the country.
A House committee made significant changes Thursday to the way Indiana would spend proceeds from a proposal to hike the state’s cigarette tax for the first time in more than a decade and impose a new state tax on vaping liquids.
House Bill 1485, authored by Republican Rep. Julie Olthoff of Hebron, would increase the cigarette tax by $1 per pack and tax e-cigarettes and e-liquids.
Senate Bill 336, authored by Sen. Aaron Freeman, R-Indianapolis, would base the exemption on the assessed value of equipment—called personal property—rather on the value at the time the company acquired it.
The National Consumer Law Center estimates that up to 20 million Americans who filed their taxes with an online preparation service found that their payment did not make it to them directly.
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money.
The bill affirms a 3% pay raise for U.S. troops and guides defense policy, cementing decisions about troop levels, new weapons systems and military readiness, personnel policy and other military goals.
The authors say their findings offer one clear pathway for policymakers looking to dig their way out of the financial hole created by the coronavirus crisis: Make the rich pay for it.
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
During the chamber’s annual legislative preview event—which was held virtually this year as a safety precaution—the organization announced its top five priorities for the session that starts in January.
If countries don’t all agree on the new tax rules, the Organization for Economic Cooperation and Development warned there’s a risk of a global trade war triggered by individual countries launching their own digital services taxes to help their recovery from the pandemic.
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
Developers remain optimistic about multifamily developments in general across the city, but some believe additional affordable housing—and associated incentive deals—is needed.
