The compromise language does not include a provision to establish a light-rail system or an increase in corporate taxes. However, the legislation would still allow for an increase in individual income taxes pending voter approval.
The Indiana Budget Agency reported Friday that tax collections came in $54 million less than expected in February.
The owner of the Indy Eleven soccer franchise has conceded that his push for state financing help for a proposed 18,500-seat, $87 million stadium in Indianapolis will have to wait on the bench for another legislative session.
Indiana lawmakers voted to change a tax bill Monday, a move allowing the state to keep its current policy, which does not recognize same-sex marriages for tax purposes.
The Senate voted 33-15 Tuesday to advance the package, sending it to a conference committee of House and Senate members.
The Indiana House passed legislation to authorize new taxes for an expanded bus system but the bill is headed to a conference committee where lawmakers will try to find a compromise on the issue.
The House Ways and Means Committee and the Senate Tax and Fiscal Policy advanced two separate measures Tuesday that would cut the state's corporate income tax and the state's business equipment tax in certain cases.
A pair of legislative panels approved changes Tuesday for competing House and Senate tax measures that would cut taxes on business equipment and corporate earnings.
The Indiana House Ways and Means Committee is expected to vote Monday on a mass-transit bill and is considering an amendment that would require 10 percent of revenue to come from non-traditional sources.
Indiana Gov. Mike Pence said Tuesday he’s open to proposals to “fully replace” the revenue that local governments might lose under a Senate plan to cut the personal property tax for thousands of businesses across Indiana.
Indiana House lawmakers took up a Senate proposal to cut business taxes on Monday, as fiscal leaders continued working behind the scenes to craft a compromise package of cuts this legislative session.
Nearly every state revenue category failed to hit its January target, including sales taxes and personal income taxes — Indiana's two largest revenue sources.
Thanks to a concerted effort to lower taxes and government spending, Indiana ousted Texas this year in the Tax Foundation’s annual ranking of business tax climates. Indiana now holds the No. 10 spot and could rise higher by eliminating the business personal property tax, an equipment tax that experts say deters investment.
The House voted in favor of measures increasing personal income tax exemptions and establishing an adoption tax credit. Both measures won broad bipartisan support.
The House and Senate easily approved separate bills Thursday to reduce the business property taxes just hours after local government officials from across the state joined to protest the legislation.
House Ways and Means Chairman Tim Brown said lawmakers will consider a plan by the IndyEleven soccer team to finance an $87 million stadium. The proposal is likely to be attached to an existing Senate bill.
Financial institutions would have to wait an additional three years to fully feel the effects of a statewide tax cut under changes made Tuesday to Indiana Senate Bill 1.
Indy Eleven owner Ersal Ozdemir hopes state lawmakers will help him finance construction of a multi-use soccer stadium with 18,500 seats in downtown Indianapolis.
House Bill 1001, authored by Rep. Eric Turner, R-Cicero, would allow county income tax councils to exempt businesses from paying the business personal property tax on any new equipment they purchased.
Indy Chamber is making the case for a commuter tax, arguing that it’s the best way to solve continual fiscal problems threatening to make Marion County, thus the whole metro area, less competitive.
