Deadline looms on estate-tax option
The Tax Cuts and Jobs Act, which passed in 2017, temporarily doubled the estate-tax exemption starting in 2018. But the estate-tax provision of the TC&JA is scheduled to sunset at the end of 2025.
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INDOT facing fiscal cliff without road-funding changes
Indiana’s Department of Transportation expects to lose billions of dollars in revenue in the coming decades as more Hoosiers buy alternative fuel-using and fuel-efficient vehicles.
MDC approves proposed taxing district for Indy Eleven stadium
The Metropolitan Development Commission’s approval, which came by a 8-0 vote, sends the proposal to the City-County Council, where it will be introduced Nov. 13.
City board to consider new taxing district for Eleven Park stadium
The taxing district, known as a professional sports development area, or PSDA, would allow for the collection of various taxes to cover a portion of the cost for the 20,000-seat stadium.
IRS says Microsoft might owe about $29B in back taxes
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013.
Hogsett, civic leaders don’t expect downtown taxing district approval before election
A new state law allows the council to create an economic enhancement district board that could impose a fee on property owners in the Mile Square.
Income tax revenue replacement ‘remains to be seen,’ state budget director says
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.
IRS plans to crack down on 1,600 millionaires to collect back taxes
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
Where the GOP gubernatorial candidates stand on axing income taxes
Indiana collected almost $8.2 billion in individual income taxes in fiscal 2022, accounting for roughly one-third of the state’s overall tax revenue.
Experts carefully optimistic about state’s fiscal footing as lawmakers look to cut taxes
The Interim State and Local Tax Review Task Force, which began meeting Wednesday, will examine Indiana’s corporate tax, individual income tax, property tax, sales tax, and others.
Carmel files lawsuit over state law that diverts local income tax funds to Fishers
The complaint says Carmel has lost $16.7 million to Fishers, rather than the estimated $10.2 million, since the original law was enacted. It also estimates Carmel stands to lose more than $39 million through 2026 because of the extension.
Indiana ends fiscal year with $2.9B in reserves
Consumer spending that boosted state revenues has cooled after two years of above-average financial performance, bringing the state’s reserves back within a typical range.
Three tax prep firms shared ‘extraordinarily sensitive’ data about taxpayers with Meta, lawmakers say
Their report urges federal agencies to investigate and potentially go to court over the wealth of information that H&R Block, TaxAct and Tax Slayer shared with the social media giant.
Holcomb taps budget office to fill tax court vacancy
Indiana Office of Management and Budget senior official Justin McAdam will be the state’s next tax court judge, Gov. Eric Holcomb announced Tuesday.
No debt ceiling agreement, but Biden and McCarthy call talks productive
GOP lawmakers have been holding tight to demands for sharper spending cuts with caps on future spending, rejecting the alternatives proposed by the White House that call for reducing deficits in part with new revenue from taxes.
Supreme Court seems to favor woman who got $0 in condo sale
The court seems likely to give a 94-year-old woman another day in court to try to recoup some money after the county sold her condominium over a small unpaid tax bill and then kept all of the $40,000 proceeds.
Time running out for state lawmakers to deliver on health, education and tax promises
Indiana’s lawmakers are nearing the end of a grueling nearly four-month legislative session, but three of their biggest priorities—aside from the budget—remain unresolved.
Indiana House pushes Senate to adopt increased cigarette tax
Discussion about a higher cigarette tax came as the House Ways and Means Committee, the powerful budget-drafters of the chamber, considered bills that address mental health and public health.
Labs, athletic fields and a planetarium: IPS school waits on voters for funding
Indianapolis Public Schools’ proposed tax increase would pay for building improvements at 23 schools as the district rolls out its Rebuilding Stronger reorganization.
State revenue beats projections again
The Indiana State Budget Agency better-than-expected collections from sales tax, individual income tax, corporate tax, and interest revenues were the primary drivers of March’s performance.