Indiana House passes bill to cut corporate tax rates
Indiana's corporate income tax rate would be cut by nearly 25 percent over the next four years under a plan the Indiana House has approved.
Indiana's corporate income tax rate would be cut by nearly 25 percent over the next four years under a plan the Indiana House has approved.
Indiana Gov. Mitch Daniels has written lawmakers to urge them to restore an automatic taxpayer refund that was removed from a budget proposal this week.
Indiana lawmakers likely will avoid tapping an obscure bank-insurance fund to help bolster state coffers, but bankers may not survive the battle completely unscathed.
A projected increase in state revenue should allow all Indiana school districts to provide full-day kindergarten, a long-time goal of the governor and many education officials.
We know from long experience that, if you raise taxes, you get less economic activity, even if higher tax rates make some people work harder.
Officials from Indiana Medicaid and a hospital trade group are trying to craft a deal that would create a tax on hospitals that would help attract more federal funds for hospitals—thereby offsetting looming cuts in state payments.
The state took in $977.2 million in March, up $69 million, or 8 percent, from the same month a year ago.
Indiana homeowners and businesses have seen their tax bills cut by more than $655 million since the General Assembly approved property tax caps in 2008. But the savings have been tough for some local governments.
A tight Indiana budget could thwart efforts in the Indiana General Assembly to improve the state economic climate by lowering the corporate income tax.
State budget officials are seeking to recoup much of nearly $610 million overpaid to local governments in fiscal years 2009, 2010 and 2011 due to income tax revenue estimates thrown off by the lingering recession.
Indiana Gov. Mitch Daniels signed into law Thursday a plan aimed at fixing Indiana’s debt-ridden unemployment fund that labor unions had opposed because it will reduce jobless benefits for some people while softening business tax increases.
A proposed cut of more than 20 percent in the state's corporate income tax rate would improve Indiana's business climate without hurting the state budget, the leader of the Indiana Senate's tax committee said Wednesday.
Legislators aren't holding up a plan to fix Indiana's debt-ridden unemployment insurance fund as they wait to see whether the federal government will put off charging the states interest on what they owe.
Recognizing inefficiency in government is far more difficult than rhetoric suggests. The private sector has the blessing of the profits to guide decisions.
Legislators are moving ahead with a plan to cut Indiana's corporate income tax by about 40 percent while holding off on phasing out the state inheritance tax.
Districts would finance solar panels and other clean-energy projects through special tax levies on participating properties.
So far this fiscal year, collections are ahead of the state's forecast by $78 million, or 1.1 percent.
Governor, economic development officials look to lure companies to Indiana that now may find doing business in Illinois too costly. But a few experts question whether the state will see any immediate benefits.
Republican Sen. Brandt Hershman of Lafayette, who chairs the Senate Tax Committee, says Indiana’s corporate income tax is seen as a hindrance to job creation.
Neighboring states are plotting to take advantage of what they consider a major economic blunder and lure business away from Illinois.