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In 2014, the Indiana state legislature passed a law that cut the corporate income tax from 8.50% in 2014 to 6.25% in 2016, with further decreases to be phased in until the rate falls to 4.9% in 2022. [5] Indiana is the only state that imposes corporate income taxes based on fiscal year instead of calendar year.
The auditor of state, officially doing business as "the state comptroller", functions as the chief financial officer for the whole of state government. In terms of financial accounting, the auditor of state creates and operates the statewide accounting system, maintains a record of revenues, expenditures and balances by state fund, collects debts owed the state, and prepares various financial ...
Indiana taxpayers are supposed to receive a collective $545.3 million this summer due to higher than expected state revenue numbers during the 2021 fiscal year.
Historically, the state was a swing state, voting for the national winner all but four times from 1816 to 1912, with the exceptions of 1824, 1836, 1848, and 1876. [9] Nonetheless, half of Indiana's governors in the 20th century were Democrats. Indiana has also elected several Democrats to the Senate in recent years.
The Indiana State Treasurer is a constitutional office first established in the 1816 Constitution of Indiana, and was made largely to mirror the position of the treasurer during Indiana's territorial period. Between 1816 and until 1851, the treasurer was nominated by the governor and confirmed by the state senate.
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The Indiana Economic Development Corporation (IEDC) was founded in 2005 and is charged with growing the state economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Bradley B. Chambers and governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC is ...
Tax is collected by the Indiana Department of Revenue. [200] Indiana has a flat state income tax rate of 3.23%. Many of the state's counties also collect income tax. The state sales tax rate is 7% with exemptions for food, prescription medications and over-the-counter medications. [201]