Indiana finishes fiscal year with surplus, but corporate income taxes shrink
Indiana's sales and income taxes grew during fiscal year 2018, but corporate tax revenue was $318 million less than the previous year and $100 million less than projected.
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Local firms bristle at Supreme Court sales tax ruling
The ruling allowing states to require retailers to collect sales taxes from online customers could mean millions of dollars of tax revenue. But a number of Hoosier companies say the ruling creates more questions than answers—and could lay a heavy burden on some small businesses.
Nations hitting back against U.S. tariffs in trade fight
The European Union is set Friday to slap tariffs on $3.4 billion in American products. India and Turkey have already targeted products ranging from rice to autos to sunscreen. And a showdown with China still looms.
Supreme Court rules states can force online shoppers to pay sales tax
The 5-4 ruling Thursday is a win for states, including Indiana, who said they were losing out on billions of dollars annually under two decades-old Supreme Court decisions that impacted online sales tax collection.
Upping ante, Trump threatens new tariffs on Chinese imports
resident Donald Trump directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports on Monday as the two nations moved closer to a potential trade war.
Retailers fume over tax-law typo that makes renovations pricier
The industry, led by Target Corp., Best Buy Co. and KFC-owner Yum! Brands Inc., is pushing for a solution a last-minute drafting error that doubles the tax costs for badly-needed store renovations.
Business economists worry about possible recession in 2020
The National Association for Business Economics forecasting panel was upbeat on the near-term impacts of the $1.5 trillion tax cut that Congress passed in December.
Dems irked over Indiana tax changes made in special session
Democrats have argued it's a continuation of a trend pushed by the GOP in recent years to shift the tax burden from the wealthy onto the middle and working classes.
Trump renews tariff threat, complicating upcoming talks
The threats come just over a week after trade tensions between the world's two largest economies had seemingly eased.
New tax break may bolster neglected neighborhoods
Neglected neighborhoods in Indianapolis that have been targeted for development will soon have another way to attract investors.
LISC facade grants aim to boost small businesses through beautification efforts
The program has awarded more than $3.1 million to Marion County businesses since 2004—which has leveraged more than $10.6 million in property owners’ investment.
IndyGo to receive $75M for first phase of Red Line transit project, Carson says
The federal funding will cover most of the $96.3 million first phase of the Red Line, a proposed 13.1-mile bus route that will run between East 66th Street in Broad Ripple and the University of Indianapolis, with 28 stops along the way.
White House delays tariffs on European Union, Canada and Mexico
The White House said Monday it would postpone a decision on imposing tariffs on U.S. imports of steel and aluminum from the European Union, Canada and Mexico for 30 days.
Infosys exec downplays Trump economy as reason for U.S. expansion
During their visit to Indianapolis on Thursday, Vice President Mike Pence and the U.S. Labor Secretary Alex Acosta were quick to highlight the Trump administration’s economic agenda—including tax cuts and reductions in red tape—as key reasons for Infosys Ltd.’s decision to invest in the United States.
Governor announces special legislative session to begin May 14
Indiana Gov. Eric Holcomb said he wants lawmakers to focus on passing tax measures, a school safety funding bill and legislation that would help the struggling Muncie schools district.
IRS gives taxpayers extra day to file after website issues
The IRS said that individuals or businesses with a filing or payment due Tuesday now have until midnight Wednesday to complete the task. The Indiana Department of Revenue also extended its deadline.
Internet sales tax issue divides Supreme Court justices
Hearing arguments Tuesday, the justices considered overturning the court’s 1992 ruling that made much of the internet a tax-free zone by exempting retailers that don’t have a physical presence in a state.
Proposed $15M rehab promises offices, vast rec center on Mass Ave industrial corridor
Stenz Construction Corp. is seeking a city tax break to help offset costs for reclaiming a ramshackle set of buildings and creating fitness facilities, climbing walls, and office and restaurant space, among other features.
IRS head sees huge task ahead to administer new tax law
The agency, pummeled for years by criticism from congressional Republicans and funding cuts, now must administer and enforce the most sweeping overhaul of the U.S. tax code in three decades.
Anthem among health care’s biggest gainers from federal tax cuts
Four of the 20 biggest health-care companies in the Standard & Poor’s 500 Index saw a benefit from the tax overhaul in the fourth quarter. Among them was Indianapolis-based Anthem Inc.