The first tax filing season under the new federal tax law is proving to be surprising, confusing—and occasionally frightening—for some Americans, especially those accustomed to getting money back from the government.
Thanks to a variety of tax credits and a significant tax break available on pay handed out in the form of company stock, Amazon actually received a federal tax rebate of $129 million last year, giving it an effective federal tax rate of roughly -1 percent.
For at least a year, county officials have debated how best to pay for the county’s 911 communications operation going forward.
The program has awarded more than $3.1 million to Marion County businesses since 2004—which has leveraged more than $10.6 million in property owners’ investment.
The U.S. Department of Justice is accusing a tax preparation business with two locations in Indianapolis of reporting false information on federal income tax returns. It is seeking to shut down the business.
Indiana businesses and individual taxpayers might have double the work (and double the cost) to calculate their taxes next year if May’s special session fails to address the problem.
Hogsett called the condition of local roads “deplorable” and vowed to “return our streets to safe, passable condition.” Since Jan. 1., the city has received more than 12,000 repair requests for potholes.
Public utility regulators from Oklahoma to Massachusetts are considering lowering the rates that homeowners and businesses pay, after the passage of a federal tax overhaul that reduced the corporate income tax rate by 14 percent.
A wide range of economists and nonpartisan analysts have warned that the bill will likely escalate federal debt, intensify pressure to cut spending on social programs and further widen America's troubling income inequality.
Fishers leaders say the state’s formula for distributing income tax revenue to local entities is unfair, and they want changes.
The senator from Indiana said fellow Republicans “can’t assume unreasonable rates of economic growth or we’re being fiscally irresponsible.”
The plan repeals the estate tax and alternative minimum tax, lowers the corporate tax rate, and reduces the number of tax brackets while lowering the highest tax rate. One of the largest boons for the middle class would be that it doubles the standard deduction.
The Indiana Manufacturers Association is also hoping the state will allow local governments to offer relocation tax incentives to build upon any that the state offers.
President Trump wants corporate taxes to drop from a top rate of 35 percent to a top rate of 15 percent. But it’s not clear if it will end up being that low in the plan, or what kind of break a typical taxpayer would see.
The City-County Council committee vote came after Mayor Joe Hogsett’s top adviser urged members to say yes—the first time the mayor’s office had expressed an opinion publicly about whether the tax increase should pass.
The question will be whether Marion County voters are willing to approve a 0.25 percent income-tax hike to pay for expanded mass transit.