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2007 sources of Indiana's revenue. Taxes in Indiana are almost entirely authorized at the state level, although the revenue is used to fund both local and state level government. The state of Indiana's income comes from four primary tax areas. Most state level income is from a sales tax of 7% and a flat state income tax of 3.05%. The state also ...
Montgomery has a total sales tax of 10%, [52] as do Birmingham [53] [54] and Mobile. Huntsville has a total sales tax of 9% in most of the city which is in Madison County. The smaller portion of Huntsville that is in Limestone County has 10.5% sales tax due to the 2% higher Limestone County sales tax.
Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self assessed by a buyer who has not paid sales tax on a taxable purchase. Unlike value added tax, sales tax is imposed only once, at the retail level, on any particular goods. Nearly all jurisdictions ...
In other states, state tax boards have released bulletins to explain what products are subject to sales and use taxes, tax administrative boards have handed down revenue rulings, and statutes have been amended to define "tangible personal property" to include digital goods and therefore subject them to sales tax. Indiana – Interprets tangible ...
Tax is collected by the Indiana Department of Revenue. [204] 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. [205]
Eleven more states enacted sales tax laws during the 1960s, with Vermont as the last in 1969. Five states currently do not have general sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. [32] The 2010 health care reform law imposed a 10 percent federal sales tax on indoor tanning services, effective July 1, 2010. Unlike previous ...
The Indiana Business Bulletin provides weekly economic analysis, forecasting, and leading economic indicators to the business community, media, and policymakers. The website is published and maintained by the Center for Business and Economic Research in the Miller College of Business at Ball State University .
The sales tax rate, as defined in the legislation for the first year, is 23% of the total payment including the tax ($23 of every $100 spent in total—calculated similar to income taxes). This would be equivalent to a 30% traditional U.S. sales tax ($23 on top of every $77 spent—$100 total, or $30 on top of every $100 spent—$130 total). [5]