As approved by the Metropolitan and Economic Development Committee, the district would collect various taxes to cover a portion of the cost for the stadium at the proposed Eleven Park development. The City-County Council now must weigh in.
Steve Pratt will lead an office of about 500 people. He will succeed Deloitte Tax LLP Partner Mary Boelke, who has led Deloitte’s Indianapolis office for more than 11 years.
The Tax Cuts and Jobs Act, which passed in 2017, temporarily doubled the estate-tax exemption starting in 2018. But the estate-tax provision of the TC&JA is scheduled to sunset at the end of 2025.
Indiana’s Department of Transportation expects to lose billions of dollars in revenue in the coming decades as more Hoosiers buy alternative fuel-using and fuel-efficient vehicles.
The Metropolitan Development Commission’s approval, which came by a 8-0 vote, sends the proposal to the City-County Council, where it will be introduced Nov. 13.
The taxing district, known as a professional sports development area, or PSDA, would allow for the collection of various taxes to cover a portion of the cost for the 20,000-seat stadium.
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013.
A new state law allows the council to create an economic enhancement district board that could impose a fee on property owners in the Mile Square.
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.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their 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.
The Interim State and Local Tax Review Task Force, which began meeting Wednesday, will examine Indiana’s corporate tax, individual income tax, property tax, sales tax, and others.
The complaint says Carmel has lost $16.7 million to Fishers, rather than the estimated $10.2 million, since the original law was enacted. It also estimates Carmel stands to lose more than $39 million through 2026 because of the extension.
Consumer spending that boosted state revenues has cooled after two years of above-average financial performance, bringing the state’s reserves back within a typical range.
Their report urges federal agencies to investigate and potentially go to court over the wealth of information that H&R Block, TaxAct and Tax Slayer shared with the social media giant.
Indiana Office of Management and Budget senior official Justin McAdam will be the state’s next tax court judge, Gov. Eric Holcomb announced Tuesday.
GOP lawmakers have been holding tight to demands for sharper spending cuts with caps on future spending, rejecting the alternatives proposed by the White House that call for reducing deficits in part with new revenue from taxes.
The court seems likely to give a 94-year-old woman another day in court to try to recoup some money after the county sold her condominium over a small unpaid tax bill and then kept all of the $40,000 proceeds.
Indiana’s lawmakers are nearing the end of a grueling nearly four-month legislative session, but three of their biggest priorities—aside from the budget—remain unresolved.
Discussion about a higher cigarette tax came as the House Ways and Means Committee, the powerful budget-drafters of the chamber, considered bills that address mental health and public health.
