Gov. Eric Holcomb announced a plan on Thursday to call a special legislative session at the end of June and propose that $1 billion in state reserves be returned to Indiana taxpayers. Each taxpayer would collect about $225 under the plan.
Indiana’s average pump price hit $4.62 for a gallon of regular as of Thursday, up from $3.93 a month ago, according to AAA.
Under the terms of a settlement signed by the attorneys general of all 50 states, Intuit Inc. will suspend TurboTax’s “free, free, free” ad campaign and pay restitution to nearly 4.4 million taxpayers.
Monday is Tax Day—the federal deadline for individual tax filing and payments. About 40% of this year’s taxpayers still haven’t filed a return.
Hoosiers should expect to start receiving a $125 automatic taxpayer refund in May, Indiana Gov. Eric Holcomb announced Wednesday.
The consumer protection agency said Tuesday that millions of consumers cannot actually use the free tax-prep software option—two-thirds of tax filers in 2020. They are ineligible, the agency says, if they are gig workers or earn farm income, for example.
Biden is proposing a total of $5.8 trillion in federal spending in fiscal 2023, which begins in October. The deficit would be $1.15 trillion.
The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code.
Tax season can be complicated for everyone, but as the April 18 filing deadline looms, small-business owners, contractors, entrepreneurs and others face a raft of ever-changing rules and regulations.
In return, the British agreed to lift retaliatory tariffs on U.S. exports, including whiskey.
The governor’s office announced Wednesday that Holcomb had signed the bill approved by legislators last week that will reduce the state’s current income tax rate of 3.23% to 2.9% in small steps until its planned full implementation in 2029.
The moves, disclosed by a senior Treasury official not authorized to speak publicly, represent the agency’s most aggressive strategy to dig out from under the massive backlog, the result of lagging operations due to the coronavirus pandemic.
The plan would cut the income tax rate to 3.15% from 3.23% for 2023, which would amount to a $40 savings for those with $50,000 in taxable income. The tax rate would be cut further in 2025, 2027 and 2029, but only if state tax revenue grows by at least 2% in the previous budget year.
The tax cut package was a major remaining issue as the Republican-dominated Legislature looked to possibly finish this year’s session on Tuesday.
The leader of the tax-writing House Ways and Means Committee said Monday that talks with senators included possibly linking tax rate cuts to whether state tax collections remain strong.
The Indiana House and Senate have both approved a measure that would reduce the tax on disposable e-cigarettes from 25% of the wholesale price to 15%.
Indiana Gov. Eric Holcomb, in an opinion piece distributed to media outlets on Thursday, solidified his support for legislation that would provide state tax cuts—and went a step further by asking for an even deeper reduction in income taxes than proposed by House Republicans.
Indiana Gov. Eric Holcomb said Wednesday he now believes the state’s individual income tax rate could be cut while maintaining enough state revenue for additional spending needs in the next state budget to be adopted in 2023.
The Senate’s tax committee voted 12-1 to advance the bill to the full Senate, where Republican leaders have cited uncertainty about the economy in resisting tax cuts despite recent big growth in state tax collections.
Indiana House members joined the Senate in approving a bill allowing about 450,000 people who don’t have enough income to owe any state taxes to also be eligible for the $125 refund payments.
