Special legislation passed in 2019 that caps Carmel’s income tax revenue growth at 2.5% per year for three years, with any excess transferred to Fishers, was triggered in the first year it could apply.
Gubernatorial candidates largely stay away from pandemic discussion during first debate
The three candidates answered questions Tuesday night about education, economic development and the role of government, but spent little time discussing the ongoing COVID-19 pandemic.Read More
IndyGo predicts long-term ridership, tax revenue drops from pandemic
Though work on the Purple Line and Blue Line bus rapid transit lines will continue, transit system says some other planned route improvements are on hold.Read More
State, city government freeze hiring—but haven’t furloughed employees—as budgets tighten
State and local government budgets are expected to be hit hard as a result of restaurants, retailers and other businesses being closed for weeks.Read More
911 tax hike means Hamilton County has cash to spend
An income tax hike going into effect next year will generate millions of dollars more than needed—a windfall government officials are eyeing to help pay for other public safety initiatives.Read More
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
President Donald Trump called the story by the New York Times “fake news.” His attorney said Trump has paid “tens of millions of dollars in personal taxes to the federal government” over the past decade.
The outcome is at least a short-term victory for Trump, who has strenuously sought to keep his financial records private.
As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. The new deadline is rapidly approaching.
Pandemic-related drops in sales and individual income taxes—the state’s top two revenue sources—continue to have the most significant impact on the state budget.
City and county officials are grappling with the sacrifices they’ll have to make as plummeting employment, delayed collections and reduced economic activity cut into tax revenue.
A former Senate budget writer said the hit to the state budget could be bigger than during the Great Recession, when state revenue dropped 15% over two years.
Taxpayers will still have to file their tax returns by the April 15 deadline. But they won’t have to pay their tax bill for 90 additional days. During that time, individuals and corporations will not be subject to interest or penalty payments.
President Donald Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline.
Sen. Aaron Freeman, the Indianapolis Republican and former city councilor who authored the legislation, said his goal is not to cripple the bus system’s operations but to hold IndyGo accountable to a 2014 law that required it to fund some of its operations with private funds.
The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time.
The proposed local income tax increase would generate $16 million of new funding for the county’s 911 center.
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.