Three journalists who covered the budget-writing session recap the twists and turns of the four-month assembly as lawmakers locked bumpers over ways to save Hoosiers money and hit a revenue sinkhole.
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The bill would reduce property taxes—and therefore reduce local government revenue—by about $1.4 billion over three years, according to the bill’s fiscal plan.
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The 93-page amendment to Senate Bill 1 introduced Tuesday scrapped an expanded homestead deduction and tax bill caps, which offered the bulk of the plan’s homeowner relief but threatened local government funding.
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Hoosiers would see the percentage of their income the state takes for taxes continue to decrease under a bill progressing through the Indiana House.
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The report published Tuesday reflects how “top heavy” charitable giving is, meaning the largest donors and corporations have an outsized impact on overall giving trends.
The federal government collected more than $130 billion in the now-defunct tariffs through mid-December and could ultimately be on the hook for refunds worth $175 billion.
The Treasury had collected more than $133 billion from the import taxes the president has imposed under the emergency powers law as of December, federal data shows.
The precise cost of the project is unknown at this time though the Chicago Bears have committed $2 billion and public funding could total $1 billion.
The amendment allows Indiana counties to benefit from property taxes on nonprofit hospital parcels that don’t have health care or revenue-generating purposes.
Fishers Mayor Scott Fadness said he appreciates an attempt to compromise on rental cap ordinances, but feels the Legislature isn’t listening to what local communities want.
South Korean Industry Minister Kim Jung-Kwan, who is currently visiting Canada, will soon travel to the U.S. for talks with Secretary of Commerce Howard Lutnick.
Lawmakers will decide during budget negotiations in 2027 whether to make it permanent.
Republican fiscal leaders, however, haven’t said which of the dozens of other new federal tax cuts—including the temporary deductions for workers who receive tips and overtime wages—will be extended to state taxes.
The amended version excludes large U.S.-based multinational corporations from the 15% global minimum tax after negotiations between President Donald Trump’s administration and other members of the Group of Seven wealthy nations.
Legislators would likely need to act quickly to enact any tax breaks for 2025 before individuals and businesses begin filing their tax returns.
There are a slew of topics legislators plan to tackle in 2026, including rising energy costs, tax codes, child care and education, and possibly a new casino in one of Indiana’s urban centers.
Costco joins dozens of other companies including motorcycle manufacturer Kawasaki and canned foods maker Bumble Bee that have filed suits seeking tariff refunds.
The boost to a nearly $3-a-pack tax on cigarettes went into effect July 1 is already bringing in significantly more tax revenue.
Although President Trump removed one layer of tariffs last week, a 40% tariff remains in place, according to Brazilian Vice President Geraldo Alckmin.
When revenue growth is compressed and uncertainty grows, the result is predictable.
Hoosiers move to Carmel and other growing Indiana cities not despite our spending but because of it.
Undermining education undermines Indiana’s prosperity.
We’re simply asking local units to do exactly what state government and families across Indiana have had to do–live within our means.
It’s important to consider our tax burden relative to that of other states that compete with us for talent and investment.
