The early deliberations come days after a group of vulnerable Senate Democrats introduced a bill that would suspend the gas tax of roughly 18 cents per gallon for the rest of the year.
Republicans who control the Michigan Senate on Tuesday passed a $2.5 billion annual tax cut, voting to lower income and corporate rates while letting people claim a credit for their children and deduct more retirement income.
Republicans in the Indiana Senate gutted House Republicans’ plan for $1 billion in tax cuts within minutes of the bill’s first hearing in the Tax and Fiscal Policy Committee on Tuesday.
Workers without children could also get additional help this tax season if they file. The relief package nearly tripled the earned income tax credit for workers without dependent children, meaning that 17 million people could receive credits worth $1,500.
U.S. Trade Representative Katherine Tai said the agreement with Japan, along with a separate deal last year on steel with the European Union, will put them in a better place to compete against China, the world’s second largest economy.
Residential homeowners in Indiana already pay 45.6% of the property tax burden and that would rise to 51% by 2026 even without a legislative proposal to reduce the business personal property tax, according to a study commissioned by the Association of Indiana Counties.
Indiana Senate Republicans are not moving forward with their own tax cut proposals aimed at reducing business personal property taxes and offering a temporary sales tax holiday, casting doubt on a key provision in the House Republicans’ $1 billion tax-cut plan.
An IRS worker shortage and an enormous workload from administering pandemic-related programs will combine to cause taxpayers pain this filing season.
The Indiana Department of Revenue encourages taxpayers to use electronic filing, online payment and direct deposit to significantly improve the quality and speed of processing returns and refunds.
Republicans in the Indiana House passed their $1 billion individual income and business tax-cut proposal Thursday on a 68-25 party-line vote, sending it to the Senate, where its future is murky.
While the push for broad tax cuts has been coming primarily from Indiana House Republicans so far this legislative session, some Senate Republicans are offering more modest alternatives exclusively aimed at reducing the personal property tax businesses pay on equipment.
Based on data from the Indiana Gaming Commission, sports bettors placed more than $460 million in wagers in December, up from the November handle of $463.7 million.
Republicans on the Indiana House Ways and Means Committee passed their $1 billion tax-cut proposal Wednesday night on a 15-7 party-line vote, sending it to the full House for consideration.
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.
