First month of Indiana sports gambling draws $34.5M in wagers
PlayUSA.com Network, a news and research organization that follows sports gambling and operates PlayNJ.com and PlayIndiana.com, called the first-month data “impressive.”
Taxes
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Hoosier manufacturers feel trade war sting
As the U.S./China trade war drags on, advanced manufacturers in central Indiana are scrambling to determine their best course of action—and there are no easy answers.
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China to remove tariffs on some U.S. products, but not corn, soybeans
China extended an olive twig, rather than a branch, to the United States in their trade war Wednesday, announcing it would exempt 16 American-made products from tariffs as a sign of goodwill ahead of talks scheduled for next month.
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Legislative study committee to debate vaping taxes
With vaping on the rise, Indiana lawmakers are set to launch another debate about whether to impose taxes on e-cigarettes and e-liquids like they do on traditional cigarettes, cigars and other tobacco products.
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Developer of $66M apartment project downtown requesting $9.8M in TIF bonds
Under a proposed deal, the Boston-based developer of the 11-story project would receive a portion of the increase in property tax revenue generated by the project in order to pay off the bonds.
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UPDATE: Marion County reschedules canceled tax sale for early 2020
The sale was scheduled to take place Thursday and Friday but a clerical error forced the Treasurer’s Office to cancel the event. Nearly 1,200 parcels with minimum bids totaling some $6 million were to be auctioned and will now be available at the rescheduled sale in February—unless the owners pay their delinquent taxes.
Sanders pushes tax on companies where CEOs earn far more than workers
Under Sen. Bernie Sanders’ plan, the government would increase a firm’s corporate tax rate if its highest-paid employee earns more than 50 times what its average worker does—an attempt to encourage companies to distribute their profits more equitably.
Indianapolis to get boost in road funding, but other cities, towns face decrease
The city of Indianapolis is about to get a boost in road funding from the state—at the expense of other cities and towns—after a discrepancy was found in how the formulas for certain taxes had been applied for years.
Indiana casino revenues continue to tumble
Revenue from the state’s 10 casinos was 31.2% less than what had been expected in August, but racino revenue was on the rise.
Q&A with Chad Halstead, an Opportunity Zone adviser
For the past 12 years, Chad Halstead, 39, has helped land government incentives for some of the area’s biggest real estate developments.
Former area attorney sentenced to 30 months in prison for tax evasion
Judge Jane Magnus-Stinson said the former attorney and tax preparer “has a complete lack of respect for the law, for the tax code, his fellow citizens and for the court.”
UPDATE: Indiana just days away from legalized sports betting
Indiana will become the 12th state—and the first in the midst of major Midwest markets—with sports betting when a new state law takes effect Sunday.
Trump drops tax cut idea, citing ‘strong economy’
President Donald Trump also knocked down the idea of indexing to the capital gains tax, which applies when investors sell assets, to inflation.
Department of Revenue ready to launch new online tax portal
The first phase in the rollout of the online system will allow corporations, not-for-profits and other businesses to register for e-services, view tax documents, file and amend tax returns and pay taxes.
Billionaires, from Soros to Disney heir, urge extreme-wealth tax
Financier George Soros, heiresses Liesel and Regan Pritzker, Abigail Disney and Facebook Inc. co-founder Chris Hughes are among those calling for the levy to help address income inequality.
Regional divide opens up in sports betting legislation
By year's end, legalization is possible in a dozen states in the Northeast and Midwest. But most states in the Deep South and far West are staying on the sidelines, at least for now.
Illinois tax hikes could benefit Indiana gas stations, stores
Starting July 1, the Illinois gas tax will double from 19 cents to 38 cents per gallon, compared to the 29 cents per-gallon tax in Indiana. Also next month, cigarettes in Illinois will cost $1 more per pack.
Creation of TIF district in Old Southside approved by council panel
City officials said the area is primed for redevelopment, especially after being designated a Lift Indy neighborhood, which means the city will direct about $4 million in investments to the area over three years.
Holcomb administration pushes $1 billion tax hike for unemployment fund
The proposed 17% increase would bring the premiums paid by companies to a level recommended by the federal government, which is meant to prepare the unemployment fund for the next recession.
Trump digs in on Mexican import tariffs despite uproar
Despite pushback from U.S. business, Mexico and Capitol Hill, President Donald Trump is doubling down on his threat to slap a 5% tariff on Mexican imports.
Sports betting launch in Indiana could be delayed
Indiana Gaming Commission Executive Director Sara Gonso Tait said Thursday that state regulators might not be ready by Sept. 1 to allow sports betting, even though a law approved earlier this year makes it legal beginning on that date.
Drug research firm Covance plans $17.5M expansion, 203 jobs
Plans call for the company to spend $11.8 million on the real estate improvements and another $5.7 million on new IT equipment and freezers.
Two Indianapolis school districts win extra funding boosts from voters
The local districts were among 10 school districts statewide that sought funding from voters to supplement the state and local money they already receive.
IBJ Podcast: Funding the CIB and the Pacers’ 25-year, $800 million deal
Podcast host Mason King talks with IBJ reporters Lindsey Erdody and Mickey Shuey about the legislation the General Assembly passed to help fund a 25-year, $800 million deal with the Indiana Pacers.