Editorial: It’s time to raise the cigarette tax
Indiana’s high smoking rate and poor health rankings demand a solution that lawmakers have avoided for far too long.
Taxes
Articles
IPS board moves to put $410M for capital upgrades on ballot
Dozens of charter school parents and students packed the board room before the vote and called on the board to share more of the referendum money.
Indianapolis charter schools seek bigger share of proposed $824M in new taxes
Leaders from 52 charter schools argued that the annual amount from the tax proposal IPS has offered to share with its innovation network charters would still leave a big funding gap between charter students and those in the district’s traditional public schools.
Supreme Court OKs handover of Trump tax returns to Congress
The court, with no noted dissents, rejected Trump’s plea for an order that would have prevented the Treasury Department from giving six years of tax returns for Trump and some of his businesses to the Democratic-controlled House Ways and Means Committee.
Advocates try again to increase Indiana’s cigarette tax
The American Cancer Society is emphasizing the need to discuss an increase to the state’s cigarette tax, which at 99 cents per pack is the 39th-lowest tax rate in the country.
Defying inflation worries, U.S. casinos have best quarter ever
Sixteen states reported quarterly highs in overall gambling revenue, including five of the six largest markets: Indiana, Michigan, Nevada, New York and Pennsylvania.
Indiana bolsters its rainy day fund, but trails national median
States’ finances recovered more quickly than anticipated after the sharp dip in early 2020 due to the pandemic, bolstered by higher-than-anticipated tax revenues.
IRS: Growing gap between U.S. income taxes owed and paid
Money from a recent $80 billion infusion for the IRS from the so-called Inflation Reduction Act will be used to help audit high-income earners who do not pay their full tax liability.
Nine districts to hold referendums amid worries that voters will say no
Without approval for the new levies, suburban and rural districts alike say they will be forced to cut staff and likely see an increase in the number of students in a classroom.
Indiana communities wait uneasily as lawmakers eye food and drink tax change
Thirty-three Indiana communities have a food and beverage tax: a 1% sales duty levied on businesses that sell or help sell food and drink. In some localities, both the municipality and county have one, stacking up to 2%.
Indiana monthly revenue falls short of projections for first time in year
The last time monthly revenue didn’t meet expectations was September 2021, when collections missed the mark by 0.1%.
IRS wants millions to claim child tax credit, stimulus funds
The government said some families might be leaving up to $3,600 per child unclaimed, as well as other payments owed to them.
Fishers City Council approves 1% food and drink tax, property tax cut
The council voted 8-1 in favor of the 1% food and beverage tax that would raise an estimated $3.2 million a year toward the construction of the Fishers Events Center.
Indiana well-positioned to legalize iGaming, state study says
Indiana could earn between $341 million and $943 million in taxes from iGaming over three years, depending on the rate adopted.
White House: More than 850K Hoosiers eligible for student loan debt forgiveness
Most of those Indiana recipients could have up to $20,000 forgiven because they received Pell Grants, which are provided to students whose families can’t help them pay for college.
Fishers proposes food and beverage tax to fund $170M arena for Indy Fuel
In addition to introducing plans for the new tax hike, the Fishers City Council on Monday unanimously approved plans for Andretti Autosport’s $200 million headquarters and an updated headquarters-expansion proposal by Italy-based Stevanato Group.
Tax-credit online marketplace creates connections for more deals
Indiana’s entrepreneurial community has high hopes that the new service will help attract more out-of-state investment in Hoosier startups.
Indiana’s casinos paid $700M in taxes in latest fiscal year
Indiana’s 12 casinos raked in $2.5 billion from July 2021 through June 2022, according to the Indiana Gaming Commission’s annual report.
IRS to look into setting up free electronic tax filing system
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.
Indiana to tax student loan forgiveness, similar to other states
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.