SALT deduction bill heading to Indiana governor’s desk
Senate Bill 2 is expected to provide a state and local tax, or SALT, deduction for what are known as pass-through entities, which are businesses that are not subject to corporate income tax.
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IRS nominee: No audit boost for households under $400,000
President Joe Biden nominated Werfel to steer the Internal Revenue Service as it receives a massive funding boost—nearly $80 billion over the next 10 years through the Inflation Reduction Act, which Congress passed in August.
IPS delays vote on $400M operating referendum amid criticism from charters, biz group
The proposed operating referendum would provide $50 million annually over an eight-year period to expand student programs and increase teacher pay through the program.
Indy Chamber comes down against IPS tax increase as proposed
The business advocacy group questioned how the effort would improve academic performance and why students in the district’s Innovation charter schools wouldn’t receive an equal portion of the funding.
Indiana tax cap proposal would help homeowners but hurt schools, local government
A new study projects homeowners’ bills payable this year could increase as much as 15%. That’s more than double what previous reports estimated for the upcoming bills.
Throwing stars, EMS services, food and beverage tax bills moving through Indiana legislature
Dozens of bills are already advancing through committees and legislative chambers halfway through the third week of Indiana’s 2023 session.
Proposal could ax business personal property tax for thousands
The bill would raise the exemption that determines which companies must pay the tax. It would exempt companies that own machinery, equipment and other tangible goods that cost them, in total, less than $250,000. The current threshold is $80,000.
IRS announces Jan. 23 start date for tax-filing season
The news comes after the National Taxpayer Advocate reported Wednesday that the IRS watchdog is seeing “a light at the end of the tunnel” of the IRS’ customer service struggles.
Indianapolis dermatologist pleads guilty to understating taxes
Dr. A. David Gerstein, a dermatologist with practice on North Meridian Street, filed a plea agreement Dec. 28 in U.S. District Court in Indianapolis.
Indiana governor proposes 6% boost for schools next year
Gov. Eric Holcomb’s plan would give K-12 schools their largest funding increase in more than a decade even amid worries about an expected slowdown in the growth of state tax collections.
New tax credits for EVs expected to boost their appeal
Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. But a complex web of requirements is casting doubt on whether anyone will be able to receive the full $7,500 credit.
States banking big bucks as Fed attempts to fight inflation
State governments emerging from the coronavirus pandemic built historic cash surpluses as inflation in prices and wages drove up sales and income tax collections.
Tension over ballot measure to fund Rebuilding Stronger could get Indiana lawmakers involved
IPS heads into the new year amid public disagreement between district officials and some charters over how much funding from the referendum should be split up between different schools, if voters approve it.
Indiana gasoline tax dropping 3 cents per gallon in January
A total of 52.9 cents per gallon in state taxes will be charged during January under rate changes released Tuesday by the Indiana Department of Revenue.
Editorial: It’s time to raise the cigarette tax
Indiana’s high smoking rate and poor health rankings demand a solution that lawmakers have avoided for far too long.
IPS board moves to put $410M for capital upgrades on ballot
Dozens of charter school parents and students packed the board room before the vote and called on the board to share more of the referendum money.
Indianapolis charter schools seek bigger share of proposed $824M in new taxes
Leaders from 52 charter schools argued that the annual amount from the tax proposal IPS has offered to share with its innovation network charters would still leave a big funding gap between charter students and those in the district’s traditional public schools.
Supreme Court OKs handover of Trump tax returns to Congress
The court, with no noted dissents, rejected Trump’s plea for an order that would have prevented the Treasury Department from giving six years of tax returns for Trump and some of his businesses to the Democratic-controlled House Ways and Means Committee.
Advocates try again to increase Indiana’s cigarette tax
The American Cancer Society is emphasizing the need to discuss an increase to the state’s cigarette tax, which at 99 cents per pack is the 39th-lowest tax rate in the country.
Defying inflation worries, U.S. casinos have best quarter ever
Sixteen states reported quarterly highs in overall gambling revenue, including five of the six largest markets: Indiana, Michigan, Nevada, New York and Pennsylvania.