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December 31
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Today is Christmas Day. May each one of you have a Blessed Christmas!
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Only seven states have an inventory tax, and Indiana is one of them. We have all heard the advertisements from car dealers trying to sell as much of their inventory as possible before March 1st in order to reduce their inventory. That is because everything a business has in stock on March 1st is subject to the tax. This tax reportedly brings in more than $400 million a year to pay for services such as police and fire protection, road improvements and libraries. This year the Indiana General Assembly gave counties the authority to eliminate the inventory tax by allowing public bodies to cast votes before Dec. 31. Otherwise, it will be phased out over the next five years. Grant County is considering the option to dump this tax in 2004 and is currently holding public hearings. Businessmen are enthused about the elimination of the tax, but others are concerned about what the state will implement to take its place.
Ask, and it shall be given..? Well, Dave Letterman has been "hinting" recently. First he thought that Ball State University (his alma mater) should name its footballs stadium after him. Recently Dave Letterman has mentioned on his show that I 465 around Indy should be named the "Dave Letterman Expressway". Muncie has finally honored Dave Letterman with an alley! Yes, an alley, but they explain that it IS one of the city's busiest alleys. It is now identified with a sign "Dave's Alley--Open 24 hours", and it is reported that the city officials also plan to add a 24-hour Internet camera to the alley area. WOW!
Indiana is seeing a 6.2 percent rise, in tax collections due primarily to increases in cigarette and gambling taxes passed during a special session of the General Assembly in June. While it is not a large increase, it is hopeful since Indiana experienced back-to-back revenue declines in 2001 and 2002. Although sales tax collections fell during the past two months, they should rise sharply in December because of the increase in the rate to 6%, targeted for property tax relief. It is reported that tobacco tax revenues are us $133.5 million, 50% ahead of the same period last year, and already the state has taken in $105.9 million more in gambling revenue than a year ago.
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