Senate advances new $500 child tax credit
Bill author Sen. Greg Walker, R-Columbus, said the tax credit is one of many measures lawmakers should consider to make it easier for Hoosiers to afford to have children.
Income taxes
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Five takeaways from the House Republican state budget plan
The two-year spending plan funds many of Gov. Mike Braun’s agenda items—including additional funding for private school vouchers—but doesn’t include several state tax cuts the new governor proposed.
Tax collections lag, bringing revenues below projections
Indiana’s revenues are down as tax collections continue to lag behind estimates, according to November’s state revenue report. Projections are based on analysis from December 2023 and due for an update next month.
Federal court orders Indianapolis business to cease preparing tax returns
The IRS estimated that Juan Santiago’s fraudulent tax preparation activities had caused about $1.3 million in tax harm to the United States Treasury each year.
The IRS is quicker to answer the phone on this Tax Day
On this Tax Day, the IRS is promoting the customer service improvements the agency rolled out since receiving tens of billions in new funding dollars through Democrats’ Inflation Reduction Act.
Financial company wins summary judgment on bad debt deductions
A financial company seeking bad debt deductions on defaulted contracts has won partial summary judgment at the Indiana Tax Court.
Replacing income tax with sales tax hike would cost poor Hoosiers more, experts say
Axing Indiana’s individual income tax and replacing just half the revenue with a sales tax hike would cost the state’s poorest residents an additional $62 and hand the top 1% of earners a $30,000 tax cut, a think tank told state lawmakers Friday.
Supreme Court dispute over $15,000 IRS bill may be aimed at never-enacted tax on billionaires
Charles and Kathleen Moore are about to have their day in the U.S. Supreme Court over a $15,000 tax bill they contend is unconstitutional.
Carmel files lawsuit over state law that diverts local income tax funds to Fishers
The city of Carmel filed legal action this week against three state financial agencies over a law that diverts local income tax revenue from Carmel to Fishers.
Indy dermatologist gets probation, $360K in restitution for underreporting $1.2M in income
An Indianapolis dermatologist has been sentenced to three years of probation for underreporting at least $1.2 million in taxable income over a three-year period. David Gerstein, 63, of Hamilton County, has also been ordered to pay $360,669 in restitution.
Senate unveils budget with no expansion for school voucher program
Senate Republicans on Thursday unveiled their two-year spending plan for the state, calling for record increases in education funding but declining to increase eligibility for Indiana’s school voucher program—a priority of House Republicans.
Transgender disputes and tax reform dominate first half of session
While hundreds of bills made it to the half-way point of the 2023 Indiana legislative session, two major themes rose to the forefront — disputes over transgender and gay youth and a Republican push for tax cuts.
GOP plan would speed up Indiana tax cuts, boost vouchers
Speeding up planned cuts to the state’s personal income tax rates and a further expansion of the private school voucher program are keys parts of a state spending plan released Friday by Indiana House Republicans.
2023 session: First day wrap-up
The unofficial first day of the 2023 legislative session kicked off with a flurry of activity, including caucus press conferences, a rally to reform marijuana laws and the ceremonial swearing in of newly elected statewide officials.
Trump’s tax returns released after long fight with Congress
Democrats in Congress released six years’ worth of former President Donald Trump’s tax returns on Friday, the culmination of a yearslong effort.
Should the state ax its individual income tax?
A powerful Indiana Senate Republican plans to introduce legislation next year to create a commission to consider changes to Indiana’s tax structure, including phasing out the state income tax.
Indiana Senate proposes reevaluating state’s tax structure
Some state senators are touting the possibility of reinventing Indiana’s tax structure to determine whether the state could eliminate individual and corporate income taxes.
Indiana finishes fiscal year with more than $6 billion in reserves
Indiana closed the fiscal year with $6.1 billion in state reserves, another sign the state’s economy bounced back from the COVID-19 pandemic faster than economists had expected.
House leader eyes income tax cut amid rosy fiscal forecast
When it comes to pushing for state tax cuts and limits on employer vaccine mandates, Republicans in the Indiana House of Representatives are taking the lead. IBJ asked the top House Republican, Speaker Todd Huston of Fishers, why his caucus has put these issues at the top of its agenda and why it has been more aggressive than Senate Republicans in its pursuit.
Indiana taxpayers to get $125 refunds as state gives back $545M in surplus
Indiana taxpayers will get a $125 refund after they pay their 2021 state income taxes, the governor’s office announced Wednesday afternoon.