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.
Some local-government officials around the state remain concerned about changes Indiana lawmakers are considering to the state's property tax on business equipment.
The bill, backed by Gov. Mike Pence and authored by Chairman Tim Brown, R-Crawfordsville, would tie individual and family tax deductions to increases in inflation.
A Senate committee voted Tuesday to eliminate Indiana’s property tax on equipment for small businesses and further cut the state's corporate income tax.
Indiana Gov. Mike Pence threw his support behind House Republicans’ watered-down business tax proposal Tuesday amid outcry from local leaders over the potential to damage their already cash-strapped budgets.
Mayor Greg Ballard’s administration has agreed to a new policy around creating and managing tax-increment finance districts. The policy is headed to the City-County Council for approval.
The proposal from Republican leaders would make small companies exempt from tax on business equipment, and cleave the state’s corporate income tax to the second-lowest in the nation.
Democratic Sen. Lonnie Randolph’s bill would provide as much as a 40-percent tax credit on productions. With legislators cool to the idea last year, Randolph and supporters are gearing up for a long fight.
Gov. Mike Pence’s plan to eliminate the tax on business equipment would mean significantly higher taxes for other property owners if the state took no specific action to protect them, according to a new analysis.
Under the proposal, taxpayers benefiting from the federal adoption credit would be able to claim an additional credit on their state return.
Indiana’s fiscal picture is looking good with about $2 billion in cash reserves and a strong credit rating, but the next few years could leave the state in a fiscal pinch.
Talking to entrepreneurs at a center for business start-ups, Pence said the state can’t compete with its neighbors for private investment without eliminating the personal property tax on business equipment.
A proposal to phase out Indiana's property tax on business equipment and machinery has many local government leaders concerned about another big revenue hit.
