Articles

Taxpayer refund has to survive 2012 session

A state tax processing error resulting in $320 million more in the bank for the state and improved tax collections could put a nominal amount back in Hoosiers' purses and wallets next year. But a bi-partisan thirst to restore education funding and pay down state debts could just as easily take that refund away.

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Budget official: State was warned about tax collections

Democrat Erik Gonzalez of the state's budget-forecasting committee said his panel warned the Indiana Department of Revenue something was wrong with corporate tax collections two years before the state discovered it misplaced $320 million.

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Complex accounts made it easy for state to miss $320M

Indiana House and Senate Democrats say they want an investigation into how the money went missing for so long. They submitted a letter to the state's budget forecasting committee requesting an independent audit of the state's finances.

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State tax collections improve slightly in August

The state said Tuesday it took in $12.3 million more in taxes than expected last month and that income and sales tax collections continued to improve through the end of August. However, gambling taxes from riverboat casinos came in $5.2 million less than expected.

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Indiana could weather U.S. default for a couple months

The state would be able to draw down its $1.2 billion cash reserves and lean on money from the $3.8 billion Indiana Toll Road lease to carry it for a few months until the federal government came up with a plan, according to Budget Director Adam Horst.

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UPDATE: Indiana ends budget year with $1.2B surplus

After a year of spending cuts to state agencies and school districts, during which state workers were asked to do more than ever, Indiana released its final budget numbers for the fiscal year that showed it sitting on a $1.2 billion surplus.

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