But some Republican legislators still want to cut what they consider the last blemish on the state’s otherwise business-friendly tax structure: the business personal property tax.
The plan proposes lowering or eliminating four separate taxes on sales, business personal property, individual income and utility receipts.
Indiana Gov. Eric Holcomb proposed a tax cut for some businesses Monday that is decidedly less ambitious than what many of his fellow Republicans want to seek during the new legislative session.
Indiana House Speaker Todd Huston says the state’s burgeoning surplus, forecast to grow to $5.1 billion by the end of June, gives him even more reason to pursue tax cuts.
The size of the state surplus has triggered Indiana’s automatic tax-refund law, with an estimated $545 million being divided evenly among 4.3 million taxpayers.
Lawmakers in Indiana’s neighbor to the east will consider making graduates of any Ohio college who take a full-time job in the state exempt from state income tax for up to three years.
Indiana’s surging state tax collections have the governor in discussions on whether tax cuts should be considered during the upcoming legislative session.
House Ways and Means Chairman Tim Brown wants to explore expanding Indiana’s 7% sales tax to services, which potentially could be anything from haircuts to hospital stays, with the aim of lowering the overall sales tax rate.
President Joe Biden’s now- $1.85 trillion plan to boost social and education programs as well as protect against global warming continues to be fine-tuned by Democrats in Congress with a new goal of completing work before Thanksgiving.
U.S. Treasury Secretary Janet L. Yellen predicted that the deal on new international tax rules, with a minimum global tax, will benefit American businesses and workers and “end the damaging race to the bottom on corporate taxation.”
Top Democratic leaders are signaling a deal is within reach even though momentum fizzled and tempers flared late Wednesday after a billionaires’ tax and a paid family leave program fell out of the Democrats’ sweeping bill.
House Speaker Nancy Pelosi’s upbeat comments came as President Biden and Democrats try to strike agreement soon on his big proposal, now about $1.75 trillion in social services and climate change programs
President Joe Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement on the package this week. It’s tallying at least $1.75 trillion, and could still be more.
Pivotal Democratic Sen. Joe Manchin appears to be on board with White House proposals for new taxes on billionaires and certain corporations to help pay for President Joe Biden’s scaled-back social services and climate change package.
President Joe Biden mentioned during a televised town hall Thursday the challenge he faces in wrangling the sharply divergent factions in the Democratic party to agree to the final contours of the bill.
The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
House Speaker Nancy Pelosi said there are “important decisions to make in the next few days” if they hope to forge a legislative compromise that the fuller party, including its spending-weary centrists, ultimately can support.
Each country that signed the deal must pass legislation to enact the measure, which is aimed at limiting corporations’ ability to lower their tax bills by shifting profits to the lowest-tax jurisdictions globally.
The $3.5 trillion price tag on the social services portion of President Biden’s agenda has long been the sticking point, with progressives demanding the funding for their priorities and moderates balking at the eye-popping number.
The Crawfordsville Republican spent the past eight legislative sessions as chairman of the House Ways and Means Committee and suggests he will propose a tax cut for Hoosiers as he departs the legislature in 2022.
