Indiana ends fiscal year with $2.9B in reserves
Consumer spending that boosted state revenues has cooled after two years of above-average financial performance, bringing the state’s reserves back within a typical range.
Taxes
Articles
Three tax prep firms shared ‘extraordinarily sensitive’ data about taxpayers with Meta, lawmakers say
Their report urges federal agencies to investigate and potentially go to court over the wealth of information that H&R Block, TaxAct and Tax Slayer shared with the social media giant.
Holcomb taps budget office to fill tax court vacancy
Indiana Office of Management and Budget senior official Justin McAdam will be the state’s next tax court judge, Gov. Eric Holcomb announced Tuesday.
No debt ceiling agreement, but Biden and McCarthy call talks productive
GOP lawmakers have been holding tight to demands for sharper spending cuts with caps on future spending, rejecting the alternatives proposed by the White House that call for reducing deficits in part with new revenue from taxes.
Supreme Court seems to favor woman who got $0 in condo sale
The court seems likely to give a 94-year-old woman another day in court to try to recoup some money after the county sold her condominium over a small unpaid tax bill and then kept all of the $40,000 proceeds.
Time running out for state lawmakers to deliver on health, education and tax promises
Indiana’s lawmakers are nearing the end of a grueling nearly four-month legislative session, but three of their biggest priorities—aside from the budget—remain unresolved.
Indiana House pushes Senate to adopt increased cigarette tax
Discussion about a higher cigarette tax came as the House Ways and Means Committee, the powerful budget-drafters of the chamber, considered bills that address mental health and public health.
Labs, athletic fields and a planetarium: IPS school waits on voters for funding
Indianapolis Public Schools’ proposed tax increase would pay for building improvements at 23 schools as the district rolls out its Rebuilding Stronger reorganization.
State revenue beats projections again
The Indiana State Budget Agency better-than-expected collections from sales tax, individual income tax, corporate tax, and interest revenues were the primary drivers of March’s performance.
$410M ballot request for IPS buildings creates list of questions
The referendum for capital expenses is part of the district’s Rebuilding Stronger reorganization. Here’s what you need to know.
Hogsett, Shackleford divided on possible tax increase in Democratic town hall
At Tuesday evening’s Democratic mayoral candidate town hall, State Rep. Robin Shackleford indicated she might consider raising taxes to fix roads in Indianapolis, while incumbent Joe Hogsett remained adamant that he would not raise taxes.
IPS to implement overhaul without new taxes for operating costs—for now
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.
Biden calls for trillions in tax hikes, new domestic spending
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.
Biden proposes new taxes on rich to help fund Medicare
The proposed hike would likely increase tax revenues by more than $117 billion over 10 years, according to estimates by the Tax Policy Center.
IRS braces for the unthinkable: A normal tax season
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.
Warren Township district seeks tax hike to cover initiatives once COVID aid expires
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.
Bills on underused school buildings, cursive writing advance
Meanwhile, Hoosiers have their first new law for the year—and it’s a retroactive business tax deduction in time for tax season.
SALT deduction bill heading to Indiana governor’s desk
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.
IRS nominee: No audit boost for households under $400,000
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.
IPS delays vote on $400M operating referendum amid criticism from charters, biz group
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.