Sales tax collections were $28 million above May collections last year, and individual income tax collections were $177 million above the same time in 2010. Strong employment and income growth had a lot to do with it.
Three bills with implications for owners of commercial real estate were approved by the General Assembly and have been signed by Gov. Mitch Daniels.
The Capital Improvement Board saw revenue of $22.5 million in the first three months of the year, a jump of 28 percent compared with the same three months in 2010. More taxes generated by hotel stays and restaurant visits helped drive the increase.
Victories include a reduction in corporate income taxes, an overhaul of the state’s unemployment insurance system, and the weakening of an immigration bill that initially resembled a controversial Arizona law.
Hauser’s Law, which is really an empirical observation, notes that U.S. income tax revenue has hovered within a percentage point of 19 percent of our total economy for more than 50 years.
State Rep. Patrick Bauer of South Bend wants the state to suspend taxes on gasoline during the summer in a move he says would save consumers about 40 cents per gallon.
Indiana's corporate income tax rate would be cut by nearly 25 percent over the next four years under a plan the Indiana House has approved.
Indiana Gov. Mitch Daniels has written lawmakers to urge them to restore an automatic taxpayer refund that was removed from a budget proposal this week.
Indiana lawmakers likely will avoid tapping an obscure bank-insurance fund to help bolster state coffers, but bankers may not survive the battle completely unscathed.
A projected increase in state revenue should allow all Indiana school districts to provide full-day kindergarten, a long-time goal of the governor and many education officials.
We know from long experience that, if you raise taxes, you get less economic activity, even if higher tax rates make some people work harder.
Officials from Indiana Medicaid and a hospital trade group are trying to craft a deal that would create a tax on hospitals that would help attract more federal funds for hospitals—thereby offsetting looming cuts in state payments.
The state took in $977.2 million in March, up $69 million, or 8 percent, from the same month a year ago.
Indiana homeowners and businesses have seen their tax bills cut by more than $655 million since the General Assembly approved property tax caps in 2008. But the savings have been tough for some local governments.
A tight Indiana budget could thwart efforts in the Indiana General Assembly to improve the state economic climate by lowering the corporate income tax.
State budget officials are seeking to recoup much of nearly $610 million overpaid to local governments in fiscal years 2009, 2010 and 2011 due to income tax revenue estimates thrown off by the lingering recession.
Indiana Gov. Mitch Daniels signed into law Thursday a plan aimed at fixing Indiana’s debt-ridden unemployment fund that labor unions had opposed because it will reduce jobless benefits for some people while softening business tax increases.
A proposed cut of more than 20 percent in the state's corporate income tax rate would improve Indiana's business climate without hurting the state budget, the leader of the Indiana Senate's tax committee said Wednesday.
Legislators aren't holding up a plan to fix Indiana's debt-ridden unemployment insurance fund as they wait to see whether the federal government will put off charging the states interest on what they owe.
Recognizing inefficiency in government is far more difficult than rhetoric suggests. The private sector has the blessing of the profits to guide decisions.
