Bohanon & Curott: Let’s hope unrealized capital gains tax is never reality
We’re sure the progressives will assure us they are only proposing going after billionaires and other fat cats who are able to pay.
Income taxes
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Boone County considering income tax hike to expand jail
The clock is ticking for officials to decide whether they’ll raise local income taxes to pay for a $45 million to $50 million jail expansion and justice center to alleviate overcrowding.
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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.
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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.
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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.
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Articles
Donor-advised funds are catching on as a tool for personal philanthropy
The number of donor-advised funds in the United States, the amount contributed to these funds and the amount distributed to charity from them have all seen significant growth, with no signs of a slowdown.
Philanthropic world skeptical of proposed federal legislation
A bill introduced last month in the U.S. Senate would add rules about how quickly donor-advised funds must distribute money to charity, but critics say the rules are unnecessary and could have the unintended consequence of hurting charitable giving.
IRS delays federal income tax filing due date until May 17
The IRS announced the decision Wednesday and said it would provide further guidance in the coming days. The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic.
New law means $4.7M more in tax revenue for Fishers, courtesy of Carmel
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.
Trump used strategies common among real estate developers to shrink taxes
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.
Report: Trump avoided paying income taxes for years as businesses lost money
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.
Supreme Court says Congress can’t get Trump records, for now
The outcome is at least a short-term victory for Trump, who has strenuously sought to keep his financial records private.
No more delays: What to know about the July 15 tax deadline
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.
Indiana budget off by $1.2B for fiscal year with one month to go
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.
Are local governments ready for the storm clouds brewing? At least they have time to plan.
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.
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.
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.
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.
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.