Indiana Live to get federal hearing on tax matter
Shelbyville racetrack and casino could save millions if it successfully contests the way Indiana interprets state tax law.
Taxes
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State tax collections improve slightly in August
The state said Tuesday it took in $12.3 million more in taxes than expected last month and that income and sales tax collections continued to improve through the end of August. However, gambling taxes from riverboat casinos came in $5.2 million less than expected.
Indiana property tax caps slice 2011 bills
Indiana property taxpayers saw their savings grow by 32 percent this year compared to a year ago thanks to statewide tax caps on their 2011 bills, according to a state report.
Court rules state overreached when it shut puppy mill
The state had seized and sold 240 dogs at business, citing $142,000 in unpaid taxes.
Library plans to restore hours at some branches
The financial picture for Indianapolis’ struggling public library system is expected to improve enough for leaders to consider restoring operating hours at 10 of its 23 locations next year.
Racinos ask federal court to lower their tax liability
If Indiana Live and Hoosier Park prevail, the racetrack-casinos may cut they could cut their combined tax bill by $30 million a year.
Indiana counties wrestling with tax overpayment
City and county officials across Indiana are starting to wrestle with how they'll deal with the state's plan to recoup roughly $610 million it overpaid local governments for income taxes it expected to collect.
Candidate Pence eyes Indiana income-tax cuts
Republican Mike Pence is looking at ways to cut Indiana income tax rates across the board if elected governor next year.
Lugar: Norquist tax pledge, others hamper Congress
Sen. Richard Lugar is the only Republican in the state's Congressional delegation who hasn't signed Norquist's pledge, which requires the signer to "oppose and vote against any and all efforts to increase taxes.”
Dynasty trusts let wealthy escape estate, gift taxes forever
Carmel financial executive among those who plan to shield millions of dollars in a dynasty trust, so it can be passed on to multiple generations of descendants while paying as little in taxes as possible.
Lilly CEO: Immigration, tax laws slow innovation
The U.S. government needs to open its borders to attract and retain talented scientists for drugmakers to employ, Eli Lilly & Co. CEO John Lechleiter plans to tell a technology conference Thursday.
ICVA expects to fall short of 2011 room-night goal
The convention association set out to book 725,000 hotel room nights this year for future meetings but so far is trending below the goal. An aggressive drive last year exhausted many of its prospects, new ICVA CEO Leonard Hoops said.
Abortion showdown looms for Indiana
The willingness of Indiana to challenge the federal government and risk a huge financial penalty could take the issue into uncharted legal and political territory.
State takes in $150M more than expected in May
Sales tax collections were $28 million above May collections last year, and individual income tax collections were $177 million above the same time in 2010. Strong employment and income growth had a lot to do with it.
New laws affect commercial property owners
Three bills with implications for owners of commercial real estate were approved by the General Assembly and have been signed by Gov. Mitch Daniels.
CIB reports quarterly revenue increase
The Capital Improvement Board saw revenue of $22.5 million in the first three months of the year, a jump of 28 percent compared with the same three months in 2010. More taxes generated by hotel stays and restaurant visits helped drive the increase.
Business groups say legislative session among best
Victories include a reduction in corporate income taxes, an overhaul of the state’s unemployment insurance system, and the weakening of an immigration bill that initially resembled a controversial Arizona law.
Hicks: Raising taxes won’t increase federal revenue
Hauser’s Law, which is really an empirical observation, notes that U.S. income tax revenue has hovered within a percentage point of 19 percent of our total economy for more than 50 years.
Democratic leader wants summer gas tax suspension
State Rep. Patrick Bauer of South Bend wants the state to suspend taxes on gasoline during the summer in a move he says would save consumers about 40 cents per gallon.
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.