The council voted 8-1 in favor of the 1% food and beverage tax that would raise an estimated $3.2 million a year toward the construction of the Fishers Events Center.
Indiana could earn between $341 million and $943 million in taxes from iGaming over three years, depending on the rate adopted.
Most of those Indiana recipients could have up to $20,000 forgiven because they received Pell Grants, which are provided to students whose families can’t help them pay for college.
In addition to introducing plans for the new tax hike, the Fishers City Council on Monday unanimously approved plans for Andretti Autosport’s $200 million headquarters and an updated headquarters-expansion proposal by Italy-based Stevanato Group.
Indiana’s entrepreneurial community has high hopes that the new service will help attract more out-of-state investment in Hoosier startups.
Indiana’s 12 casinos raked in $2.5 billion from July 2021 through June 2022, according to the Indiana Gaming Commission’s annual report.
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.
The IRS estimates that nearly 1.6 million taxpayers will receive more than $1.2 billion worth of penalty relief. The tax agency will automatically issue the refunds or credits for most of the fees by the end of September.
The state Department of Revenue announced Thursday that it had already issued about 1.5 million direct deposits for the $200-per-taxpayer rebates from the surging state budget surplus approved by the Indiana Legislature earlier this month.
A total of 57 cents per gallon in state taxes will be charged during September under rate changes released Wednesday by the Indiana Department of Revenue.
Treasury Secretary Janet’s memo, obtained by The Associated Press, outlines the importance of modernizing IRS computer systems and ensuring the agency has an adequately-staffed workforce now that the tax collector is set to receive nearly $80 billion over the next 10 years.
The measure is expected to be paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
Under the bill, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price.
Now that the IRS is set to receive nearly $80 billion through the so-called “Inflation Reduction Act,” the agency has the means to develop new systems to help Americans pay their taxes.
After a paper shortage delayed the first round of checks by several weeks, all paper needed for printing has now been received, meaning checks can start going out, said a spokesperson for the state auditor’s office.
Indianapolis Mayor Joe Hogsett introduced his 2023 city budget to the City-County Council on Monday evening, highlighting priorities of property tax relief, violence reduction, infrastructure improvements and education.
Major changes to the Affordable Care Act. The nation’s biggest-ever climate bill. The largest tax hike on corporations in decades. And dozens of lesser-known provisions.
The bill represented a concession from GOP senators who were initially wary that the rebates would further fuel inflation.
The measure uses more than $1 billion in reserve accounts to send $200 checks to millions of eligible Hoosiers, including hundreds of thousands of Hoosiers utilizing Social Security or disability benefits.