Latest news with #IndianaChamberof
Yahoo
16-04-2025
- Business
- Yahoo
Cigarette tax increase called for in Indiana revenue forecast
HENDERSON, Ky. (WEHT) — The Indiana Chamber of Commerce is releasing a statement following the release of the April revenue forecast for the state. Below is the full statement: 'With today's announcement by the State Budget Committee on the revenue forecast, it's clear we must tighten our belts and consider new sources of revenue to ease financial constraints. And in the process, we should take the opportunity to make Indiana a healthier state.'We commend Governor Braun for putting such a big emphasis on Hoosier health. It will take all stakeholders working together to build a healthier and more financially resilient future for all of us. 'A big action still on the table this legislative session is a minimum $2 per pack increase to the cigarette tax. We urge lawmakers to put the increase in the state budget both for the positive impact on the health of Hoosiers who smoke and the additional revenue. 'Having healthy, prosperous communities and citizens is so vital that we included the aspiration as one of the six pillars of our Indiana Prosperity 2035 visioning plan for the state. Indiana proudly has built one of the country's most competitive business climates. But we also must be willing to identify, discuss and act on difficult matters surrounding the health of Hoosiers like the adult smoking rate so we can continue to prosper as citizens and as an economy. 'We look forward to further discussions with the Braun administration and legislative leaders about how our Wellness Council of Indiana can help achieve our shared goals. That program's mission is to improve Hoosiers' quality of life by empowering employers and communities to create thriving places. We believe the right approach is investing in Hoosier health today instead of paying down the road when the cost will be even greater.' Indiana Chamber of Commerce President and CEO Vanessa Green Sinders Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-04-2025
- Business
- Yahoo
Newest forecast data projects $2B less in revenue
Chief budget architects Sen. Ryan Mishler, R-Mishawaka, and Rep. Jeff Thompson, R-Lizton, react to new forecast data projecting $2 billion less in state revenue on April 16, 2025. (Whitney Downard/Indiana Capital Chronicle) In a sharp turnaround from the flush financial fortunes of the last budget cycle, Indiana's projected revenue for the next budget cycle fell by $2 billion according to new forecast data publicized on Wednesday. The current budget cycle for the 2025 fiscal year is also short by an estimated $400 million, though closing that gap will likely rely on reserves. Indiana's tax revenue is still growing but not at the rate anticipated. According to chief budget architects Sen. Ryan Mishler and Rep. Jeff Thompson, 'everything is on the table' when it comes to potential cuts. 'We just have a lot of tough decisions to make and we have to be disciplined,' said Mishler, R-Mishawaka. '… K-12 education is the last thing we want to do anything with so I would prefer to put everything else in front of that.' When it came to increasing so-called sin taxes — whether on gaming, cigarettes or alcohol, Thompson didn't rule it out. 'All of those things have to be discussed,' said the Lizton Republican. For longtime lawmakers, the news invoked memories of budgeting after the 2008 recession, when the state weathered more than a billion-dollar shortfall. 'This one scares me a lot more because the number is a lot higher. And back then, if you remember, we had federal money to backfill. We don't have any federal money to backfill. This is all on us,' said Mishler. 'So we're going to have to live within our means.' With a goal to finish the 2025 legislative session next week, lawmakers don't have much time to identify potential cuts — though the two Republicans anticipated long nights ahead to meet that preferred deadline. Democrats pointed to the need to protect Hoosiers during uncertain economic times and minimizing harm through state resources. 'We are extremely concerned for Hoosiers across the state, because the same underlying conditions that are impacting the state budget are impacting Hoosiers,' said Sen. Fady Qaddoura, D-Indianapolis. 'From the price of goods and services to the challenges of those who rely on retirement funds to small businesses relying on their products that they ship.' Qaddoura noted that Senate Democrats had pushed to incorporate sin taxes into the budget earlier in the week, adding that a $2 cigarette tax increase would bring in an estimated $800 million. Moments after release of the downgraded forecast, the Indiana Chamber of Commerce called for the General Assembly to pull the trigger on that tax. 'A big action still on the table this legislative session is a minimum $2 per pack increase to the cigarette tax,' said President and CEO Vanessa Green Sinders. 'We urge lawmakers to put the increase in the state budget – both for the positive impact on the health of Hoosiers who smoke and the additional revenue.' The December forecast data included roughly $800 million in new revenue for the state over the next two years, though nearly all of that came in the first year. Now even that marginal growth is gone. Much of the loss can be attributed to economic uncertainty, including worries about the impact of tariffs in the country's most manufacturing-intensive state. 'When the U.S. gets a cold, Indiana gets pneumonia,' said Rep. Greg Porter, D-Indianapolis. 'We're a manufacturing state and (with) the tariffs and other issues out there in the federal government … this really affects our bottom line.' According to an analysis from Axios Indianapolis, Indiana is the third-most reliant state when it comes to China, which imported $6.1 billion in Hoosier goods in 2023. More than half of that was in pharmaceuticals and medicines followed by oilseeds and grains. Democrats pointed to potential areas for savings, including pushing back anticipated income tax cuts and clawing back money from the Indiana Economic Development Corporation. Qaddoura went even further, targeting the use of vouchers by wealthy families to attend private schools. 'I think if we're looking at K-12 cuts, we definitely need to look at reversing the voucher program back to the 2021 level to be sure that the ultra-wealthy are not benefiting while we're cutting … funding for K-12 education across the state,' he said. He said such a move would save an estimated $309 million. Potentially the biggest bill in the 2025 session altered property taxes with an explicit goal to give two-thirds of homeowners relief, at a loss for local units of governments and school corporations. Thompson said that effort, which has been signed into law, doesn't need to be revisited in light of the news about the state's finances. 'I can tell you right now that the Indiana projected revenue is probably less than most locals. We're probably in a tougher spot than they are,' Thompson said. Gov. Mike Braun focused on cutting waste, eliminating overhead, and getting back to the basics. 'We must finalize a biennial budget that respects the revenue forecast and protects Hoosier taxpayers from a worst-case scenario,' he said. 'I will work with the General Assembly to craft a budget that is structurally balanced, maintains strong reserves, and funds vital services like public safety and education.' In a small spot of positive news, Mishler noted that the growth of Medicaid appeared to be slowing. Medicaid rolls were just over 1% lower than previously estimated, a difference of less than 30,000 Hoosiers. More than 2 million residents rely on the program for their health care coverage. Breaking down budgets: Why Medicaid expenses are growing But, as an entitlement program, much of the program can't be cut — meaning that the state will likely remain committed to spending roughly $10 billion over the next two years. 'We're trying to make some changes to try to help us in the Medicaid space,' said Mishler, pointing to his efforts under Senate Bill 2. However, much remains uncertain about Medicaid's future, especially with several large pieces of legislation still up in the air. Under Mishler's bill, most able-bodied working-age adults would be required to work at least 20 hours a week to keep their benefits. Additionally, changes to the state's calculation of the hospital assessment fee or implementing the managed care assessment fee weren't included in Wednesday's presentation, though the latter could bring in $1.4 billion if fully implemented. But Mitch Roob, who helms the agency overseeing Medicaid, said he didn't believe the Trump administration would allow the state to leverage the tax to the maximum extent. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
USA Today
20-02-2025
- USA Today
Why this historic Ohio River town is perfect for weekend getaways
Day-trippers are flocking to this hidden gem in the Midwest The Broadway Fountain is a centerpiece of downtown Madison, Indiana — Photo courtesy of Bernie Kasper Advertisement Perched along a scenic bend of the Ohio River near Cincinnati, Louisville, and Indianapolis, the small town of Madison, Indiana, is a slice of Americana that thrives in the modern age while keeping its soul intact. Madison is home to America's largest contiguous National Historic Landmark District, where elegant mansions and storefronts create a living museum of architectural treasures. Yet, this picturesque hamlet is anything but a sleepy relic of the past, and people are taking notice. In 2024, Madison made a clean sweep, claiming the Indiana Chamber of Commerce's Community of the Year Award, a Great American Main Street Award, and ranking first in USA TODAY 10BEST Readers' Choice Award for Best Small Town in the Midwest. Interested in discovering what all the buzz is about? Here's what you need to know to plan a fun getaway to this Midwest gem. Things to do in Madison, Indiana Madison's historic Main Street is a National Historic Landmark District — Photo courtesy of Bernie Kasper Madison has a lot more going for it than charm. It hits all the right notes as "Indiana's Music City," with live tunes spilling out of a half-dozen venues throughout the week. You'll find wineries that pass the sommelier test and festivals that bring the Ohio River waterfront to life. The town's pride is its 133-block historic district, which is filled with 19th century storefronts housing shops, art galleries, restaurants, and music venues. The Greek Revival and Federal-style buildings may look like the 1850s, but the craft coffee shops, chocolatier, and artisanal bakeries are very now. If you're interested in history, rifle through the many antique shops or visit the Schroeder Saddletree Factory Museum, which tells the story of American manufacturing innovation. Although there are many historic mansions and churches throughout Madison, architecture enthusiasts should visit the Lanier Mansion, an 1844 Greek Revival masterpiece with gorgeous formal gardens, and the Shrewsbury-Windle House, which features a stunning three-story spiral staircase. Madison, Indiana, is an Ohio River Valley town worth checking out — Photo courtesy of Brent Spry Madison's riverfront, once a bustling port for steamboats, is now known as the Riverwalk Trail, where visitors have a front-row seat to river traffic, sunset views, strolls, bike rides, and summer concerts and festivals. During a Rockin Thunder River Tour, you can spot eagles and hear about old-timey life on the river. Creative spirits soar during the Madison Chautauqua Festival of Art in Madison, Indiana — Photo courtesy of Laura Gardner Summer is an ideal time to plan a trip to Madison. You'll find great live music here year-round, but in July, there's the Madison Regatta and Roostertail Music Festival. In August, foodies flock to the Madison Ribberfest BBQ & Blues, a decades-old tradition blending savory barbecue with soulful blues. Come September, there's the Unbroken Circle Music Festival and the two-day Madison Chautauqua Festival of Art, a massive juried art show with nearly 250 entries. Minutes from downtown Madison, Indiana, Clifty Falls State Park is home to hiking trails and stunning waterfalls — Photo courtesy of Bernie Kasper Outdoor enthusiasts can visit Clifty Falls State Park, just minutes from downtown. The park features 70-foot gorges, hiking trails, and impressive waterfalls. Big Oaks National Wildlife Refuge offers bird-watching, wildlife viewing, and photography opportunities. Where to eat in Madison, Indiana The absurdly delicious Hoosier pork tenderloin sandwich is a mainstay in Madison, Indiana — Photo courtesy of Clifty Inn Madison's food scene features everything from refined dining to comfortable classics. Shipley's Tavern, established in 1867, and Hinkle's Sandwich Shop, a fixture since 1933, feature Hoosier and Ohio River Valley staples like juicy burgers and huge pork tenderloin sandwiches. A visit to Madison Farmers Market, the oldest farmers market in Indiana, is always a fun excursion. Got a sweet tooth? Falls Restaurant at Clifty Inn, overlooking the scenic Ohio River, serves an award-winning sugar cream pie. River Oak Chophouse rivals high-end steakhouses in any major city. Red Roaster Coffee Company crafts artisanal beverages in a converted 19th century storefront, and Horst's Little Bakery Haus nods to the Ohio River Valley's German heritage with traditional stollen and fresh donuts. Wineries in Madison Lanthier Winery is one of the top wineries in Indiana — Photo courtesy of Leigh Davis Three wineries have put Madison on the wine-tasting map. Thomas Family Winery offers award-winning wines and hard ciders in a restored 1850s carriage house. Stream Cliff Farm Winery, located on Indiana's oldest herb farm, combines wine tasting with stunning gardens and a farm-to-table cafe. Lanthier Winery, one of the top wineries in the state, charms visitors with its courtyard garden, complimentary wine tastings, and annual holiday events. Hotels in Madison, Indiana There are a variety of stays downtown, from boutique hotels to guesthouses — Photo courtesy of Visit Madison In the heart of downtown, The Chandler Hotel had past lives as a livery stable and as a warehouse for the Madison Courier, the town's newspaper. Bed-and-breakfast fans will appreciate the Iron Gate Inn, an 1840 Federal mansion. The Fairfield Inn & Suites Madison Historic Eagle Cotton Mill was once a cotton mill and is now listed on the National Register of Historic Places and is a Historic Hotels of America member. For something more intimate, it's worth looking into guesthouses like Stablemaster's Quarters and 2nd Street Carriage House & Inn.
