A state tax processing error resulting in $320 million more in the bank for the state and improved tax collections could put a nominal amount back in Hoosiers' purses and wallets next year. But a bi-partisan thirst to restore education funding and pay down state debts could just as easily take that refund away.
Democrat Erik Gonzalez of the state's budget-forecasting committee said his panel warned the Indiana Department of Revenue something was wrong with corporate tax collections two years before the state discovered it misplaced $320 million.
Indiana House and Senate Democrats say they want an investigation into how the money went missing for so long. They submitted a letter to the state's budget forecasting committee requesting an independent audit of the state's finances.
Indiana Gov. Mitch Daniels says the state budget will see a one-time cash infusion of $300 million from tax collections that weren't properly transferred into the general fund.
The risk is that requiring online retailers to remit the sales tax will chase them away. We think the potential payoffs are worth taking the chance.
Less than a year after raising personal and corporate income taxes, Illinois officials are pushing a $250 million package of tax breaks for several prominent businesses threatening to leave for more tax-friendly states, including Indiana.
A new coalition of Indiana retailers is planning a lobbying push aimed at convincing state lawmakers to force online businesses to collect the state's 7-percent sales taxes from customers.
The report from the Indiana Fiscal Policy Institute says the state loses $40 million to $114 million every year in sales tax revenue from sales to online retailers such as Amazon.
CHIP, the Coalition for Homelessness Intervention and Prevention, said it wants Marion County taxpayers to create a permanent, dedicated source of funding for housing and services.
At least one Indiana lawmaker plans to file a bill requiring the state to collect sales taxes from online retailers like Amazon.com. Other state lawmakers are working on a federal solution.
The state announced Thursday it took in nearly $41 million more than expected last month. The state overshot its estimates by a modest 3.8 percent although collections are vastly improved from a year ago.
Simon Property Group Inc. has filed suit against the Indiana Department of Revenue in an attempt to force the state to collect sales taxes from Amazon.com Inc.
Not-for-profit-sector lobbyists are fighting President Obama’s proposal to limit the tax deduction for charitable donations. Yet some local fundraisers who could be affected by it aren’t concerned.
A federal bankruptcy court has sided with two Indiana racinos in a dispute over their tax burdens, a ruling that could reduce the total amount they pay into state coffers by as much as $30 million per year.
Sen. Luke Kenley, R-Noblesville, plans to ask his Statehouse colleagues Thursday to help him lobby Congress for the right to tax online sales.
Eli Lilly and Co. got called out in a recent report on companies that took advantage of the 2004 tax holiday on foreign profits and have since slashed jobs.
The state owes $2 billion in federal unemployment insurance debt.
The sale of tax-delinquent properties brought in $13 million above the city’s expenses.
As President Barack Obama sidesteps ways to keep the retirement system viable, his would-be rivals are keen on letting younger workers divert part of their payroll taxes into some type of personal account to be invested separately from Social Security.
The president is going to call it the “Buffett Rule” for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.
