tax amnesty

Indiana Economic Development Corporation / http://indianaregionalcities.com/

Full funding for all three winners of Indiana’s Regional Cities Initiative is in jeopardy after Speaker Brian Bosma (R-Indianapolis) said Thursday a bill to provide those dollars is stalled in the House. 

The legislature last year set aside $84 million from the state’s 2015 tax amnesty program to pay for the Regional Cities Initiative.  The money was meant to be split in half, with $42 million going to each winner. 

Nic McPhee / https://www.flickr.com/photos/nicmcphee

A bill to fully fund all three winners of the Regional Cities Initiative breezed through the Senate Appropriations Committee Thursday.

The Regional Cities Initiative money comes from the 2015 tax amnesty program, and all $84 million was originally meant to be split between two regions.  This economic development program aims to encourage cooperation across city and county lines. 

Indiana Economic Development Corporation / http://indianaregionalcities.com/

Senate Republicans have announced they want to fully fund the third winner of the state’s Regional Cities Initiative.

In April, the General Assembly allocated $84 million – taken from the Tax Amnesty program – to award $42 million each to two regions as part of their Regional Cities Initiative.

But the Indiana Economic Development Corporation and Governor Mike Pence instead chose three winners, declaring their intent to ask the legislature for more money from tax amnesty to pay $42 million each to all three regions.

Indiana Economic Development Corporation / http://indianaregionalcities.com/

Lawmakers say they’re excited about the transformative effect the state’s Regional Cities program can have in linking communities and fostering economic development.  But some are less enthusiastic about simply handing over more tax amnesty money to pay for it.

State Tax Amnesty Collections Exceed $137 Million

Dec 14, 2015
Phillip Ingham / https://www.flickr.com/photos/phillip/345829246

The total in delinquent tax payments collected through Indiana’s tax amnesty program continues to increase as the state processes payments. 

When the state closed its tax amnesty period – which allowed people to pay back taxes without penalties, interest or fines – it announced it had collected about $100 million, with another $21 million promised by June through payment plans. 

Dave Dugdale / https://www.flickr.com/photos/davedugdale/

Indiana’s 2015 tax amnesty program surpassed its goal of collecting at least $90 million. 

That ensures funding for key state programs, including the Hoosier State passenger train that runs between Indianapolis and Chicago and stops in Lafayette. 

The two-month tax amnesty program generated $100 million from Hoosiers who owed back taxes and repaid them without penalties, interest or fines.  

Delinquent taxpayers have promised an additional $22 million through payment plans that run through June 2016. 

PT Money

Hoosiers who owe back taxes have only a few days left to take advantage of Indiana’s 2015 tax amnesty program.  The program, which began in mid-September, ends Monday and the state is on track to collect its target amount.

Indiana Begins Its Second Tax Amnesty Program

Sep 16, 2015
Chris Potter / https://www.flickr.com/photos/86530412@N02/

Hoosiers now have a two-month window to pay off back taxes without any penalties, fines or interest, through Indiana’s Tax Amnesty program, which runs until November 16.

Department of Revenue Commissioner Andrew Kossack says more than 260,000 people are eligible for the tax amnesty program and will be sent letters notifying them of the opportunity.  He says the program is particularly useful for taxpayers with old debts.

PT Money / ptmoney.com

Hoosier businesses and individuals who owe back taxes to the state will have an opportunity to pay what they owe, without a penalty, this fall. The governor Monday announced a start date for the state’s tax amnesty program.

Indiana conducted its first tax amnesty program in 2005, collecting about $244 million in back taxes.

Those who participated in that program will be ineligible to take advantage of a new tax amnesty window, open from Sept. 15–Nov. 16.