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.
Income taxes
Articles
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.
Indiana governor says ‘we shall see’ on possible tax cuts
Indiana’s surging state tax collections have the governor in discussions on whether tax cuts should be considered during the upcoming legislative session.
Boone County considering income tax hike to expand jail
The clock is ticking for Boone County officials to decide whether they’ll increase local income taxes to pay for a proposed $45 million to $50 million jail expansion and justice center to alleviate overcrowding that leaves many prisoners sleeping in plastic cots on cell floors.
High court rejects New Hampshire-Massachusetts tax dispute
The Supreme Court on Monday refused to allow New Hampshire to sue neighboring Massachusetts over an income tax dispute involving people who have been working from home during the coronavirus pandemic.
Express Scripts doesn’t get Hoosier income from selling prescription drugs, Tax Court rules
The court found the company receives its Indiana income from the provision of services and not from selling prescription drugs.
Biden’s declaration: America’s democracy ‘is rising anew’
President Joe Biden declared that “America is rising anew” as he called for an expansion of federal programs to drive the economy past the coronavirus pandemic and broadly extend the social safety net on a scale not seen in decades.
What to watch during Biden’s 1st big speech to Congress
President Joe Biden is putting the finishing touches on his first address to a joint session of Congress, a prime-time speech on Wednesday night on the eve of his 100th day in office.
Intentional misclassification of construction workers causing concern
Workers on construction sites across Indiana can be found nailing plywall from atop scaffolds, scaling roofs or painting newly built homes. But what isn’t evident is whether those workers are part of a shady trend construction industry experts say is a serious concern — payroll tax fraud.
Adams and Engel: Planning considerations for IRC Section 1031 exchanges
Many commercial real estate owners, even those who previously did not intend to sell, are considering selling their real estate to take advantage of current market conditions. With transactions seemingly becoming quicker each year, it is important for owners to consider many factors when preparing to sell their real estate, including executing an Internal Revenue Code (IRC) Section 1031 exchange.
Trump’s taxes in hand, Manhattan DA’s probe heats up
With former President Donald Trump’s tax returns finally in hand, a team of New York prosecutors led by a newly hired former mob-buster is sending out fresh subpoenas and meeting face-to-face with key witnesses, scrutinizing Trump’s business practices in granular detail.
Rokita joins Republican AGs questioning stimulus barring tax cuts
Republican attorneys general from 21 states, including Indiana, are questioning a provision in the $1.9 trillion pandemic rescue plan that bars states from using its funds to offset tax cuts.
Jury selection set in ex-Portage mayor’s bribery retrial
Jury selection is set to begin Monday in a former northwestern Indiana mayor’s long-delayed retrial on a federal charge alleging that he solicited a bribe from two businessmen.
SCOTUS won’t halt Trump tax record turnover
In a significant defeat for former President Donald Trump, the Supreme Court is declining to step in to halt the turnover of his tax records to a New York state prosecutor. The court’s action Monday is the apparent culmination of a lengthy legal battle that had already reached the high court once before.
Democrats propose $1,400 payments as part of Biden virus relief
House Democrats proposed an additional $1,400 in direct payments to individuals as Congress began piecing together a $1.9 trillion COVID-19 relief package that tracks President Joe Biden’s plan for battling the pandemic and reviving a still staggering economy.
Suspended attorney sentenced to 2 years in federal prison for tax evasion
A former Schererville personal injury and medical malpractice attorney who pleaded guilty to tax evasion has been sentenced to two years in federal prison. The attorney, who was suspended from the practice of law last year, also was ordered to make restitution of more than $1.7 million.
Despite riot, impeachment, business as usual for high court
At this fraught moment in American history, the Supreme Court of the United States is doing its best to keep its head down, going about its regular business and putting off as many politically charged issues as it can, including whether President Donald Trump’s tax returns must be turned over to prosecutors in New York.
Sentencing set for ex-Whiting mayor over campaign fund misuse
A former northwestern Indiana mayor faces a January sentencing after pleading guilty to charges that he illegally used public campaign donations to cover gambling losses.
Trump lawyers ask Supreme Court to halt tax record turnover
President Donald Trump on Tuesday asked the U.S. Supreme Court to put on hold an appeals court ruling that Trump’s accountant must immediately turn over tax records to a New York state prosecutor, setting up a decision from the high court that could come before Election Day.