corporate income tax

President Donald Trump called the GOP’s tax reform plan a “middle class miracle” as he rolled out details in a speech in Indianapolis Wednesday.

Trump said tax reforms passed in Indiana before and during Vice President Mike Pence’s time as governor should be a model for national change.

Indiana’s business community is waiting to see how federal tax reform plans, set for release next week, might impact their companies and workers.

At a roundtable in Indianapolis on Thursday, business leaders said they want to communicate to their workers and the public that lowering America’s corporate tax rate will be good for more than just executive paychecks.

Eric J Paparatto / https://www.flickr.com/photos/ejpphoto/

Indiana’s new fiscal year got off to a slightly underwhelming start, continuing the streak of lackluster beginnings to its fiscal years under Governor Mike Pence.

In the four starts to a fiscal year during the Pence administration, the state’s tax collections came in less than projected each year.

It’s a slim margin this year – a little more than $7 million off the mark and less than one percent less than expected.

Individual income taxes did well in July, nearly $20 million better than projections.

Jim Nix / https://www.flickr.com/photos/jimnix/6168273244

Indiana last month faced the first significant revenue shortfall this fiscal year, collecting $64 million less than expected.

A processing error shifted more than $86 million tax dollars collected in September to October’s balance sheets.  After accounting for that shift, the state fell short of its target revenue by nearly 6 percent last month. 

Through a third of the current fiscal year, that puts Indiana about $61 million below target, which is about 1.3 percent off the mark. 

Jim Grey / https://www.flickr.com/photos/mobilene/

Indiana tax collections in August inched just ahead of projections two months into the new fiscal year. 

Indiana collected about $6 million more in taxes last month than expected, putting the Hoosier State right on par with projections for the entire year – just $300,000 better than predicted. 

Both individual and corporate income tax collections performed better than expected last month while sales tax figures dipped, about $15 million off the mark. 

Indiana Economic Development Corporation

The Indiana Economic Development Corporation took out a full-page ad in the Wall Street Journal today Wednesday criticizing Connecticut’s $1.5 billion dollar corporate tax increase and touting Indiana’s business-friendly policies.

The ad that was placed in the Connecticut, New Jersey and New York versions of the Wall Street journal bears this message: “Friends don’t let friends pay higher taxes.”

courtesy GE

In a speech that was touted as one which would show Purdue as a leader in the country’s new manufacturing economy, the President of the National Association of Manufacturers Tuesday focused instead on blasting the Obama Administration.

In a speech kicking off a nationwide tour, Jay Timmons spent a single paragraph on technology such as "3-D printing, nanoscale chemistry" and new medicines, but spent several minutes explaining why he feels the White House is working at cross-purposes with business interests.

Paresh Gajria / https://www.flickr.com/photos/cflat/2909707701

3:30 p.m. Update:

Tippecanoe County Prosecutor Pat Harrington tells Network Indiana the investigation included a personal experience from a law enforcement officer who ate at one of the El Rodeo locations in Greater Lafayette.

"A detective from the West Lafayette Police Department at our local El Rodeo and he noticed that as he paid for his lunch, the cash drawer was never opened, no one rang up his sale and he was returned his cash back out of another drawer," Harrington says.

Earlier:

Keith Cooper / https://www.flickr.com/photos/cooperweb/8363160192

Indiana tax collections have fallen below expectations four of the first five months of the fiscal year. 

November tax revenues came in about $48 million below expected levels, due primarily to individual income tax collections that underperformed by about 10-percent. 

Through nearly half of the fiscal year that began in July, state revenues are about $85 million below projections, about 1.5-percent less than expected. 

And while sales and corporate tax collections have exceeded expectations, individual income taxes are more than $100 million off the mark. 

Keith Cooper / https://www.flickr.com/photos/cooperweb/8363160192

Indiana’s tax collections continue to struggle in the early part of the fiscal year. 

Indiana collected about $28 million less in taxes than expected in August, putting the state more than 1.5-percent below projections for the fiscal year that began just two months ago. 

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