Indiana’s total gas tax to remain at 56 cents a gallon in June
Indiana’s average pump price hit $4.62 for a gallon of regular as of Thursday, up from $3.93 a month ago, according to AAA.
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Intuit to pay $141M settlement over TurboTax ads touting free tax filing
Under the terms of a settlement signed by the attorneys general of all 50 states, Intuit Inc. will suspend TurboTax’s “free, free, free” ad campaign and pay restitution to nearly 4.4 million taxpayers.
IRS expects to receive tens of millions of tax returns on Monday
Monday is Tax Day—the federal deadline for individual tax filing and payments. About 40% of this year’s taxpayers still haven’t filed a return.
Indiana automatic taxpayer refund to be sent starting next month
Hoosiers should expect to start receiving a $125 automatic taxpayer refund in May, Indiana Gov. Eric Holcomb announced Wednesday.
FTC sues Intuit to stop ‘bait-and-switch’ TurboTax ads
The consumer protection agency said Tuesday that millions of consumers cannot actually use the free tax-prep software option—two-thirds of tax filers in 2020. They are ineligible, the agency says, if they are gig workers or earn farm income, for example.
Biden’s budget plan calls for higher taxes on rich, lower deficits
Biden is proposing a total of $5.8 trillion in federal spending in fiscal 2023, which begins in October. The deficit would be $1.15 trillion.
Biden budget seeks minimum tax on households worth $100M
The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code.
Small businesses face tax headaches on top of pandemic woes
Tax season can be complicated for everyone, but as the April 18 filing deadline looms, small-business owners, contractors, entrepreneurs and others face a raft of ever-changing rules and regulations.
United States agrees to lift tariffs on British steel, aluminum
In return, the British agreed to lift retaliatory tariffs on U.S. exports, including whiskey.
Gradual Indiana income tax cut plan signed by governor
The governor’s office announced Wednesday that Holcomb had signed the bill approved by legislators last week that will reduce the state’s current income tax rate of 3.23% to 2.9% in small steps until its planned full implementation in 2029.
IRS aims to fill 5,000 jobs in 30 days to help clear backlog of 24M returns
The moves, disclosed by a senior Treasury official not authorized to speak publicly, represent the agency’s most aggressive strategy to dig out from under the massive backlog, the result of lagging operations due to the coronavirus pandemic.
Legislature ends session by cutting income taxes, not business personal property tax
The plan would cut the income tax rate to 3.15% from 3.23% for 2023, which would amount to a $40 savings for those with $50,000 in taxable income. The tax rate would be cut further in 2025, 2027 and 2029, but only if state tax revenue grows by at least 2% in the previous budget year.
Indiana lawmakers near deal on multiyear income tax cut
The tax cut package was a major remaining issue as the Republican-dominated Legislature looked to possibly finish this year’s session on Tuesday.
Indiana lawmakers discuss ‘trigger’ for income tax cuts
The leader of the tax-writing House Ways and Means Committee said Monday that talks with senators included possibly linking tax rate cuts to whether state tax collections remain strong.
Tax on closed-system vaping products might be reduced
The Indiana House and Senate have both approved a measure that would reduce the tax on disposable e-cigarettes from 25% of the wholesale price to 15%.
Holcomb makes stronger call for state lawmakers to pass tax cuts
Indiana Gov. Eric Holcomb, in an opinion piece distributed to media outlets on Thursday, solidified his support for legislation that would provide state tax cuts—and went a step further by asking for an even deeper reduction in income taxes than proposed by House Republicans.
Prospects for Indiana tax cuts boosted by governor’s support
Indiana Gov. Eric Holcomb said Wednesday he now believes the state’s individual income tax rate could be cut while maintaining enough state revenue for additional spending needs in the next state budget to be adopted in 2023.
Indiana Senate panel backs bill without big tax-cut proposal
The Senate’s tax committee voted 12-1 to advance the bill to the full Senate, where Republican leaders have cited uncertainty about the economy in resisting tax cuts despite recent big growth in state tax collections.
State lawmakers approve expanding tax refund eligibility
Indiana House members joined the Senate in approving a bill allowing about 450,000 people who don’t have enough income to owe any state taxes to also be eligible for the $125 refund payments.
White House, Dems eye pause of gas tax as prices soar, election looms
The early deliberations come days after a group of vulnerable Senate Democrats introduced a bill that would suspend the gas tax of roughly 18 cents per gallon for the rest of the year.