The overhaul approved in November reconfigures grades, closes six schools and expands specialized academic programs in an effort that officials say will create more great schools and prioritize equity.
The president’s budget calls for more than $2 trillion on dozens of new domestic policy initiatives, paid for by more than $4.5 trillion in new revenue, primarily through hefty tax hikes on high earners and large corporations.
The proposed hike would likely increase tax revenues by more than $117 billion over 10 years, according to estimates by the Tax Policy Center.
After its controversial funding boost, the agency is answering 90 percent of its phone calls, has squashed its backlog of overdue returns, introduced new online taxpayer tools to keep pace with private software companies and processed 99.7 percent of returns filed this tax season, according to agency reports.
The Warren Township district is asking voters for an $88 million property tax increase over eight years, in part to maintain the support it received from the Elementary and Secondary School Emergency Relief funding that the state says must be spent by the end of 2024.
Meanwhile, Hoosiers have their first new law for the year—and it’s a retroactive business tax deduction in time for tax season.
Senate Bill 2 is expected to provide a state and local tax, or SALT, deduction for what are known as pass-through entities, which are businesses that are not subject to corporate income tax.
President Joe Biden nominated Werfel to steer the Internal Revenue Service as it receives a massive funding boost—nearly $80 billion over the next 10 years through the Inflation Reduction Act, which Congress passed in August.
The proposed operating referendum would provide $50 million annually over an eight-year period to expand student programs and increase teacher pay through the program.
The business advocacy group questioned how the effort would improve academic performance and why students in the district’s Innovation charter schools wouldn’t receive an equal portion of the funding.
A new study projects homeowners’ bills payable this year could increase as much as 15%. That’s more than double what previous reports estimated for the upcoming bills.
Dozens of bills are already advancing through committees and legislative chambers halfway through the third week of Indiana’s 2023 session.
The bill would raise the exemption that determines which companies must pay the tax. It would exempt companies that own machinery, equipment and other tangible goods that cost them, in total, less than $250,000. The current threshold is $80,000.
The news comes after the National Taxpayer Advocate reported Wednesday that the IRS watchdog is seeing “a light at the end of the tunnel” of the IRS’ customer service struggles.
Dr. A. David Gerstein, a dermatologist with practice on North Meridian Street, filed a plea agreement Dec. 28 in U.S. District Court in Indianapolis.
Gov. Eric Holcomb’s plan would give K-12 schools their largest funding increase in more than a decade even amid worries about an expected slowdown in the growth of state tax collections.
Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. But a complex web of requirements is casting doubt on whether anyone will be able to receive the full $7,500 credit.
State governments emerging from the coronavirus pandemic built historic cash surpluses as inflation in prices and wages drove up sales and income tax collections.
IPS heads into the new year amid public disagreement between district officials and some charters over how much funding from the referendum should be split up between different schools, if voters approve it.
A total of 52.9 cents per gallon in state taxes will be charged during January under rate changes released Tuesday by the Indiana Department of Revenue.
