The audits will focus on aircraft used by large corporations and high-income taxpayers and whether the tax purpose of the jet use is being properly allocated, the IRS says.
City, Indy Chamber continue push against repeal of downtown tax district
The city was joined by Indy Chamber and City-County Council President Vop Osili in opposing a proposed county-wide tax provision that would replace the downtown tax district.Read More
Council votes to approve creation of downtown enhancement tax
The 19-5 vote, which followed party lines, creates an economic enhancement district—or EED—bound by North, East, South and West streets—the Mile Square—that would see increases to property taxes within those boundaries.Read More
Carmel files lawsuit over state law that diverts local income tax funds to Fishers
The complaint says Carmel has lost $16.7 million to Fishers, rather than the estimated $10.2 million, since the original law was enacted. It also estimates Carmel stands to lose more than $39 million through 2026 because of the extension.Read More
An Indiana Senate committee on Tuesday adopted an amendment to a bill originally aimed at disbanding the recently-created Mile Square economic enhancement district, essentially keeping the designation in place, but with several changes.
The Federal Trade Commission ruled that Intuit engaged in deceptive practices by running ads claiming consumers could file their taxes for free using TurboTax even though many people did not qualify for such free offerings.
It is understandable that it might be politically difficult for lawmakers to consider any sort of tax increase in an election year in which 125 of the 150 state legislators will have to face voters. But it represents an issue of such import that we believe they should put their own political livelihoods aside.
The majority of people who testified about the bill were against it, arguing that it would undo the work of corporate and civic leaders to boost perceptions of downtown in the aftermath of the pandemic and the 2020 protests for racial justice.
The bill would reinstate a tax deduction for personal casualty losses that was removed by congressional Republicans in 2017. The deduction covered sudden or unexpected events such as floods, fires, earthquakes—and thefts.
New legislation would repeal language included in the 2023 state budget that gave the city of Indianapolis the authority to create a special Mile Square taxing district to pay for downtown enhancements and a low-barrier homeless shelter.
Nearly 5 million people, businesses and tax-exempt organizations—most making under $400,000 per year—will be eligible for the relief starting this week.
It’s unclear if lawmakers are open to rolling back the measure, which was slipped into the 2023 state budget without public input. However, the push for a change has a powerful ally in former Indiana House Speaker Brian Bosma.
Conservative and liberal justices voiced concerns that ruling for a couple challenging a provision of the 2017 tax bill would threaten other provisions of the tax code.
As approved by the Metropolitan and Economic Development Committee, the district would collect various taxes to cover a portion of the cost for the stadium at the proposed Eleven Park development. The City-County Council now must weigh in.
Indiana’s Department of Transportation expects to lose billions of dollars in revenue in the coming decades as more Hoosiers buy alternative fuel-using and fuel-efficient vehicles.
The Metropolitan Development Commission’s approval, which came by a 8-0 vote, sends the proposal to the City-County Council, where it will be introduced Nov. 13.
The taxing district, known as a professional sports development area, or PSDA, would allow for the collection of various taxes to cover a portion of the cost for the 20,000-seat stadium.
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013.
A new state law allows the council to create an economic enhancement district board that could impose a fee on property owners in the Mile Square.
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.