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.
Taxes
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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.
IRS to wipe away $1.2 billion in late fees from pandemic
The IRS estimates that nearly 1.6 million taxpayers will receive more than $1.2 billion worth of penalty relief. The tax agency will automatically issue the refunds or credits for most of the fees by the end of September.
Indiana agencies start sending new round of tax rebates
The state Department of Revenue announced Thursday that it had already issued about 1.5 million direct deposits for the $200-per-taxpayer rebates from the surging state budget surplus approved by the Indiana Legislature earlier this month.
Indiana gasoline taxes dropping 5 cents a gallon next month
A total of 57 cents per gallon in state taxes will be charged during September under rate changes released Wednesday by the Indiana Department of Revenue.
Yellen tells IRS to develop modernization plan in six months
Treasury Secretary Janet’s memo, obtained by The Associated Press, outlines the importance of modernizing IRS computer systems and ensuring the agency has an adequately-staffed workforce now that the tax collector is set to receive nearly $80 billion over the next 10 years.
Biden signs major climate, health care legislation
The measure is expected to be paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
Companies facing first tax on stock buybacks in Biden bill
Under the bill, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price.
Expanded IRS free-file system one step closer in Dems’ bill
Now that the IRS is set to receive nearly $80 billion through the so-called “Inflation Reduction Act,” the agency has the means to develop new systems to help Americans pay their taxes.
Hoosiers could see mailed tax refund checks as early as next week
After a paper shortage delayed the first round of checks by several weeks, all paper needed for printing has now been received, meaning checks can start going out, said a spokesperson for the state auditor’s office.
Mayor’s $1.4B proposed budget includes property tax credits for homeowners
Indianapolis Mayor Joe Hogsett introduced his 2023 city budget to the City-County Council on Monday evening, highlighting priorities of property tax relief, violence reduction, infrastructure improvements and education.
How the Inflation Reduction Act might affect millions of Americans
Major changes to the Affordable Care Act. The nation’s biggest-ever climate bill. The largest tax hike on corporations in decades. And dozens of lesser-known provisions.
Holcomb signs relief bill providing $200 rebate payments to Hoosiers
The bill represented a concession from GOP senators who were initially wary that the rebates would further fuel inflation.
Indiana lawmakers send spending, inflation-relief bill to governor
The measure uses more than $1 billion in reserve accounts to send $200 checks to millions of eligible Hoosiers, including hundreds of thousands of Hoosiers utilizing Social Security or disability benefits.
UPDATE: Indiana House approves deal for inflation relief, social services
The Indiana House approved a bill Friday that would provide $200 rebate payments from the state’s surging budget surplus. The Senate could consider the bill later Friday.
Indiana Senate easily approves its version of inflation relief
The Senate’s decision sets up a showdown with the House over what the final package will look like.
Indiana House advances proposal for spending some of $6.1B surplus
House Bill 1001 also expands the pool of eligible Hoosiers for the checks to include those using Social Security and disability benefits. Additionally, it shores up various funds in support of families and repeals the state’s diaper tax.
Manchin says he has reached deal with Democrats on economy, climate bill
The deal aims to lower health-care costs, combat climate change and reduce the federal deficit, marking a massive potential breakthrough for President Joe Biden’s long-stalled economic agenda.