Indiana gas tax rising slightly in August despite price drop
A total of 62.4 cents per gallon in state taxes will be charged during August, the Indiana Department of Revenue announced Monday.
Taxes
Articles
IBJ Podcast: The state has $6.1B in reserves. What will lawmakers do with it?
In this week’s podcast, IBJ Editor Lesley Weidenbener—in for vacationing host Mason King—talks about the upcoming special session with Peter Blanchard, IBJ’s new Statehouse reporter, and managing editor Greg Weaver, who has spent much of his career writing about and editing reporters who cover Indiana politics.
Indiana has a $6.1 billion surplus. Will taxpayers get some of it back?
As the Legislature prepares to consider Gov. Eric Holcomb’s proposal to return $1 billion of the surplus to taxpayers, some legislators and business leaders question whether that’s the best use of the windfall.
Indiana finishes fiscal year with more than $6 billion in reserves
The news comes as state lawmakers prepare to consider Gov. Eric Holcomb’s proposal to send $1 billion to taxpayers in the form of $225 refund checks.
Investigation: State lotteries transfer wealth out of needy communities
A nationwide investigation of state lotteries by the Howard Center for Investigative Journalism at the University of Maryland found that lottery retailers are disproportionately clustered in lower-income communities in nearly every state.
As Indiana considers second tax refund, some wonder: where’s the first?
As of June 22, Indiana had issued about $245.6 million in refunds, according to the Department of Revenue. That’s about 45% of the $545 million Gov. Eric Holcomb promised to return when he announced the move in December 2021.
‘Groundhog Day’ at IRS: Returns pile up, phone delays worsen
After digging out of a daunting backlog from 2021, the agency has an even bigger backup for this tax season than it did a year ago and its pace for processing paper returns is slowing down, according to a watchdog report released Wednesday.
Indiana to get $2.9M in settlement over ‘free’ TurboTax ads
Indiana’s share is part of a $141 million settlement across 50 states and the District of Columbia. Approximately 4 million people across the United States were affected, including more than 98,000 Indiana residents.
Automakers ask Congress to lift electric vehicle tax cap
In a letter to leaders of the Senate and House of Representatives on Monday, the chief executives of Ford, Toyota, GM and Stellantis asked that tax credits be extended to anyone who seeks to buy a qualified vehicle.
Holcomb proposes $1B refund for Indiana taxpayers
Gov. Eric Holcomb announced a plan on Thursday to call a special legislative session at the end of June and propose that $1 billion in state reserves be returned to Indiana taxpayers. Each taxpayer would collect about $225 under the plan.
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.
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.