Key parts of the House plan would cut Indiana’s current individual income tax rate of 3.23% over the next four years to 3.0%. That would ultimately reduce state tax collections by an estimated $500 million a year when fully implemented in 2026. The plan also proposes cuts in s...
Indiana has a heavy equipment rental excise tax imposed at a rate of 2.25% and effective January 1, 2019.Join 18,000+ sales tax pros who get weekly sales tax tips. The Sales Tax Institute mailing list provides updates on the latest news, tips, and trainings for sales tax. By signing up...
As of 2022, the poverty rate in Indiana is 11.7% and the rate of extreme poverty is 7%. 12.4% of people are experiencing food insecurity and almost 30% of the population are working under the poverty line due to the moderate percentage of low-wage jobs. 8.7% of the Hoosiers are uninsur...
In 2022, Indiana charges a 7% sales tax on most retail purchases. Some exemptions apply. The Indiana Department of Revenue provides a detailed breakdown of a business’s obligations regarding sales tax. What is Indiana’s corporate tax rate? Indiana taxes corporations at a rate of 4.9%. This...
Indiana homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs. First Place Available to: First-time homebuyers or those buying in a qualified area. Income limits: Vary by county. First-time homebuyers only?: Yes, unless the property...
and local workers. Along with a low corporate tax rate, the individual income tax rate is only 3.23%, allowing you to keep more of the money you’ve worked hard to earn. Indiana is also working tocontinue lowering the income tax over the next seven years down to an incredibly low 2.9%...
Congratulations are due now because we just learned that the Class of 2024 compiled thebest graduation rate on recordin Indiana: 90.2% of students in the cohort graduated on time, up from 89% the previous year. Counselors deserve mention because they have a key role in ensuring that students...
North Dakota's booming economy, high median wages, and low state income taxes made this Midwestern statean affordable placeto live in 2022.North Dakota's unemployment ratewas among the lowest in the U.S., according to the Bureau of Labor Statistics. ...
What if I do not owe any tax this year? Am I able to still claim a tax credit for my business? Yes. You can carry back the tax credit to use it to offset the income tax liability for the year before or you can carry forward the tax credit to offset the liability over the follow...
Of course, how much you spend on your monthly mortgage payment can vary depending on a lot of factors, including the interest rate at the time of the mortgage. The average home price in late 2023 is just over $416,000, according to RocketHomes. That same home will cost you significantly...