Effects of pandemic will slam state, local tax receipts
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.
Income taxes
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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.
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Administration announces 90-day delay for many tax payments
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.
Trump announces delay of tax deadline for virus victims, including businesses
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.
Bill could strip IndyGo of millions of dollars, halt future work on Purple, Blue lines
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.
IRS to pay visits to high-income taxpayers who fail to file
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.
Hamilton County cities, towns prepare to vote on local income tax increase
The proposed local income tax increase would generate $16 million of new funding for the county’s 911 center.
Some Americans floored by tax bills, changes in law
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.
Amazon paid no federal taxes on $11.2 billion in profits last year, according to group’s analysis
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.
Hamilton County officials debate 10 percent income tax hike for 911
For at least a year, county officials have debated how best to pay for the county’s 911 communications operation going forward.
New tax break may bolster neglected neighborhoods
Neglected neighborhoods in Indianapolis that have been targeted for development will soon have another way to attract investors.
LISC facade grants aim to boost small businesses through beautification efforts
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.
Local tax business accused of filing fraudulent returns in federal suit
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.
Without state fix, federal tax change could cost Indiana firms $100M
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 retools tactics on commuter tax
Mayor Joe Hogsett hopes to convince legislators that other Indiana cities, not just Indianapolis, could benefit from a non-resident income tax or the redistribution of income tax revenue.
State stops millions in fraudulent tax refunds
Thanks to a fraud-prevention program the Indiana Department of Revenue implemented in 2014, hackers looking to collect refunds owed to other individuals seem to be targeting Hoosiers less often.
Hogsett proposes draining rainy day fund to infuse $14M into road repair
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.
Not-for-profits brace for impact of tax bill
Charities are waiting to see whether new tax changes, which will reduce the number of Americans who qualify to lower their federal tax bills by using a deduction for giving, will also reduce donations.
Some utility rates could go down due to corporate tax cuts
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.
GOP betting that its fix for US economy will defy warnings
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 cries foul, claims tax formula benefits Carmel
Fishers leaders say the state’s formula for distributing income tax revenue to local entities is unfair, and they want changes.