It is understandable that it might be politically difficult for lawmakers to consider any sort of tax increase in an election year in which 125 of the 150 state legislators will have to face voters. But it represents an issue of such import that we believe they should put their own political livelihoods aside.
The majority of people who testified about the bill were against it, arguing that it would undo the work of corporate and civic leaders to boost perceptions of downtown in the aftermath of the pandemic and the 2020 protests for racial justice.
The bill would reinstate a tax deduction for personal casualty losses that was removed by congressional Republicans in 2017. The deduction covered sudden or unexpected events such as floods, fires, earthquakes—and thefts.
New legislation would repeal language included in the 2023 state budget that gave the city of Indianapolis the authority to create a special Mile Square taxing district to pay for downtown enhancements and a low-barrier homeless shelter.
Nearly 5 million people, businesses and tax-exempt organizations—most making under $400,000 per year—will be eligible for the relief starting this week.
Indiana coffers took in about $1.37 billion worth of taxes in November, but remained below expectations for a second straight month this fiscal year, which began in July.
It’s unclear if lawmakers are open to rolling back the measure, which was slipped into the 2023 state budget without public input. However, the push for a change has a powerful ally in former Indiana House Speaker Brian Bosma.
Conservative and liberal justices voiced concerns that ruling for a couple challenging a provision of the 2017 tax bill would threaten other provisions of the tax code.
The 19-5 vote, which followed party lines, creates an economic enhancement district—or EED—bound by North, East, South and West streets—the Mile Square—that would see increases to property taxes within those boundaries.
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.
