Latest news with #Semler
Chicago Tribune
25-06-2025
- Business
- Chicago Tribune
Wheel tax, income tax boost likely for Porter County as burden of government support shifts
Discussion of the impact of property tax reforms passed by the Indiana General Assembly taxed Porter County Council members' brains Tuesday. 'Understand that nobody up here wants to pass an increase in taxes,' Council President Andy Vasquez, R-4th, said. 'We're stuck between a rock and a hard place.' Putting local government on a property tax diet, something Gov. Mike Braun strongly urged the Legislature to do, leaves two choices: Reduce services or raise income taxes and other taxes to make up the difference. 'We're getting pushed from property taxes to local income taxes,' said consultant Jason Semler, a principal for Baker Tilly Municipal Advisors, as he walked the council through the long, complicated math of the new state law. The result ends up shifting more of the burden of financing local government from businesses to individuals, Semler said. A wheel tax for Porter County is virtually a certainty as a way to get the full amount available in the state's Community Crossings matching grant program. Technically, the wheel tax remains optional, but the new law requires it for the county to receive the full amount of matching grant money. And although the county's income tax rate is the lowest in the state, at 0.5%, that's likely to increase as the property tax revenue shrinks. 'If you have to raise the income tax, this is a good time to do it,' Semler said. 'They're kind of forcing us to increase LIT (local income tax) anyway,' so consider gradual increases to cushion the blow, he suggested. 'We know we're going to need it down the road.' Under the new law, cities and towns with more than 3,500 residents could adopt their own income tax in the future, up to 1.2%. Based on current population statistics, that would include Portage, Valparaiso, Chesterton, Hebron and Porter. If those municipalities enact their own income tax, their residents would be taxed twice – by the county and by the municipality, Councilman Andy Bozak, R-At-large, said. That would be the case for the wheel tax, too. Councilman Jeremy Rivas, D-2nd, speculated that Porter County might eventually see people moving into unincorporated areas from cities and towns to avoid this double taxation. 'Everybody's looking to escape the tax,' Vasquez said. One option might be for the county to work with the municipalities to give them a share of the county's income tax in exchange for not enacting their own tax, Semler said. For Porter County, $3.5 million a year in dues for the Northwest Indiana Regional Development Authority has to come from income tax revenue, so that needs to be factored in. After that, the county can figure out where the income tax revenue should be divvied up. The county has been pondering some important needs for information technology, road repairs and EMS service. Councilman Red Stone, R-1st, said on his way from Portage to Valparaiso, driving on county roads for Tuesday's meeting, his vehicle was bouncing up and down because of the poor road conditions. Porter County's roads are in worse shape than the state average. Among the drawbacks of shifting to more reliance on income tax revenue is that it's less stable. 'If there's a downturn in the economy, we're going to feel it much more than with property taxes,' Semler said. The county shouldn't hoard money, but healthy fund balances are important when revenues plunge but needs increase. Rivas and others blasted state legislators for setting themselves up as heroes for lowering property taxes even as they knew local officials would look like bad guys for raising income taxes to make up for the lost revenue. 'The legislators, this was a disingenuous action they took,' he said. The council has until Oct. 31 to decide what direction to take. 'I think that's why some counties are looking at increasing their income taxes. They know they're going to have to do it eventually,' so they're acting this year so it goes into effect next year, Semler said. Stone said in his meetings with department heads, he's looking for ways to reduce spending. 'I would strongly urge the council to put the work in,' he said. Some funds and areas can't be touched, under state law, but he wants to dig deep to see what can be cut. 'I think this would be a good exercise for the public. If there's places to cut, let us find them,' he said. Bozak disagreed with Stone's approach. 'We don't want to get too much into the weeds,' he said. A better way would be to tell department heads to decide where to make 3% cuts, hopefully not in salaries. That might be the result of cleaning less often or other ideas, Bozak said. 'Let's get in the weeds. Let's look at take-home cars,' Stone said. If there are people taking cars home who don't need to take them home, stop that. 'As far as who's taking cars home and all that, that's the commissioners,' Bozak said. Rivas said the council has been cautious for years, which is why cash balances are high and tax rates are low. 'The reason we are the lowest-tax county is because of the work we put in,' he said. 'I think the rubber's going to meet the road,' Stone said. 'If someone can come up with an extra $7 million for paving the roads, I'm all ears.' 'We are going to have to be very creative and work together the best we can and come up with some solutions,' Vasquez said. Councilwoman Michelle Harris, R-At-large, has high hopes for department heads. 'I think they're going to come up with ways to be so efficient, I think they're going to just wow us,' she said. Vasquez said he would be open to a data center being located in an area already zoned for light industrial, bringing a big boost to the county's tax coffers. 'Like all things, time will tell, and I pray God we will hold the line the best we can,' he said. Semler walked the council through the implications of Senate Enrolled Act 1 to see how Porter County will be affected as the property tax reforms are phased in. 'A lot of these are going to be phased-in impacts, and a lot of the significant impacts are going to hit us two, three years down the road,' he said. The math is long and complicated, but the upshot is that the property tax base will shrink, and as tax rates increase, more and more properties will qualify for the circuit breaker that caps the property's total tax bill. For a single-family, owner-occupied home, that's 1% of the home's value. Rental properties, utilities, assisted living homes and some other types of property have bills capped at 2% of the property's value. 'You can see how those tax bases are going to be greatly reduced' in downtowns and other areas where these properties are concentrated, Semler said. County government loses $1.8 million a year to circuit breaker relief for property owners, Semler said, but that will increase in the future. 'You lose about 3.5% of your revenue because of the circuit breaker cap,' he said. For business personal property, the tax currently begins after the first $80,000 in value. But that's changing, too, with only the value above $2 million being taxed. It's a boon to corporations but not to local government and citizens who will pay more in taxes to make up the difference. Stemler said he expects this new law to result in some discussion about consolidation. 'I can see some small cities and towns throughout the state have some difficulty surviving,' he said. Schools don't get any income taxes under this new scenario, so they'll face difficulties, too. The massive, sweeping changes resulting from the new law have increased demand for advisors like Baker Tilly. 'We don't need a marketing department. We've got legislators,' Stemler said. 'This is not what we prefer to be doing, but we're happy to help out.'
Chicago Tribune
25-06-2025
- Business
- Chicago Tribune
‘You're shaking out the couch cushions': NWI leaders look for help amid tax cut
Indiana's new property tax system will result in an approximately $303 million reduction over the course of three years for Lake, Porter and LaPorte counties, according to the state's Legislative Services Agency. Lake County will see a reduction of $32.9 million in 2026, $37.2 million in 2027 and $165.1 million in 2028 for a total of $235.2 million in three years. Northern Lake County will see the highest reduction in property tax dollars in Northwest Indiana, said Beth Shrader, a planner and project manager with SEH, which along with Baker-Tilly, and Development Economic Finance held a Lunch & Learn session about the fiscal and planning challenges for cities and towns in Porter and Lake County in the wake of Indiana Senate Enrolled Act 1 (SEA 1). Porter County will see a reduction of $13.7 million in 2026, $14.5 million in 2027 and $21.4 million in 2028 for a total of $49.6 million in three years, LaPorte County will see a reduction of $5.3 million in 2026, $6.3 million in 2027 and $6.5 million in 2028, for a total of $18.1 million in three years, according to LSA. Jason Semler, principal with Baker Tilly Municipal Advisors, said overall the new property tax system will benefit property owners but hurt local government funding. 'We're going to hurt,' Semler told the crowd of around 35 municipal officials. 'The less that they have to pay, the less money we receive.' Senate Enrolled Act 1 established a new property tax system by saving two-thirds of taxpayers up to $300 on their 2025 property tax bill while local governments, school districts, libraries and other units will lose $1.4 billion through 2028. As the bill moved through the legislature, county, city, and school leaders came to the legislature to testify about its financial impacts. Legislators told the local leaders that they could lean on local income tax to make up any budgetary shortfalls. Semler said Tuesday the legislature took the local income tax structure and 'threw it out and started over.' The local income tax, effective July 1, 2027, will decrease from 3.75% to 2.9%, Semler said. The 2.9% has to be allocated as follows: 1.2% for county general revenue, 0.4% for EMS and fire departments, 0.2% for townships and libraries, he said. Local income tax councils will be eliminated beginning July 1, 2027, and all local income tax rates have to be affirmed by Oct. 1, 2027 to continue into 2028, Semler said. Starting in 2031, the local income tax rates must be adopted annually by county councils, he said. In Porter County, state law requires a portion of the local income tax to go toward the Northwest Indiana Regional Development Authority, said Portage Mayor Austin Bonta. He asked how that will be impacted under the new property tax law. Porter County will have to continue making that payment from its local income tax, Semler said. Hobart Mayor Josh Huddlestun asked about implementing the local income tax changes in cities and towns that have different zip codes. Hobart has four zip codes, he said, including people who have a Merrillville address but live in the corporate boundaries of Hobart. 'We're going to have to throw darts at a map,' when calculating local income tax rates, Huddlestun said. 'It's a nightmare.' Officials at the Indiana Department of Revenue have said that won't be known for a couple of years, Semler said. But, Semler said that's a good point because someone with a Valparaiso address doesn't necessarily live in city limits, so the tax allocations have to be looked at. 'That is something that's going to have to be worked out,' Semler said. Local leaders can begin preparing and mitigating the fiscal impact under the new property tax system by reviewing revenue projections, preparing a budget outlook, collaborating, creating a capital improvement plan, getting creative and communicating, Shrader said. A capital improvement plan typically projects five years out, Shrader said, and highlights specific projects, which includes linking the projects to budgets and timelines. Capital improvement plans also help build trust with the community, she said. Local officials could also apply for grants at the federal, state and private levels to help fund various projects, said SEH associate planner Nate Day. Another option local officials have to finance big projects amid decreased revenue streams has been lease purchase financing, Shrader said, which is a public-private partnership to complete a project without immediate costs Local officials have used lease purchase when traditional bond options are 'less attractive,' Shrader said. 'A lot of that risk is mitigated through that agreement,' Shrader said. Since 2019, Indiana has allowed for residential tax increment financing, which captures the assessed value of new residential developments, like new construction or age-restricted housing, said Dan Botich, the president for Development Economic Finance Consulting. Under the residential TIF, communities could use the funds from the captured assessed value to finance public safety or capital expenditure, Botich said. Another benefit, Botich said, the developer has to put in public improvements — sewer, streets, lighting, parks — around the residential project. Local leaders have to start preparing for the upcoming change to the property tax system, Shrader said. 'You need to make sure you're reassessing all of your funding options. You're shaking out the couch cushions trying to find any grants, any loans, any other opportunities that you left on the table in the past. If nothing else, to assure the people that you are communicating these issues, these changes and how they're going to impact you that you have looked at all options,' Shrader said.
Business Upturn
02-06-2025
- Business
- Business Upturn
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Semler Scientific Inc.
NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Semler Scientific Inc. ('Semler' or the 'Company') (NASDAQ: SMLR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Semler and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On February 28, 2025, Semler filed its annual report for 2024, in which it disclosed that 'there is a risk that [U.S. Department of Justice ('DOJ')] will file a complaint or complaint in intervention in a civil False Claims Act lawsuit seeking damages.' Semler also disclosed receipt of an initial civil investigative demand from the DOJ in July 2017 regarding Semler's claims for reimbursement related to its peripheral artery disease QuantaFlo device. Semler further stated that it had participated in settlement discussions with the DOJ in February 2025, which were unsuccessful. On this news, Semler's stock price fell $4.03 per share, or 9.4%, to close at $38.89 per share on March 3, 2025. Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Danielle PeytonPomerantz LLP [email protected] 646-581-9980 ext. 7980
Business Wire
26-05-2025
- Business
- Business Wire
Semler Scientific Inc. (SMLR) Investors Who Lost Money – Contact Law Offices of Howard G. Smith About Securities Fraud Investigation
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Semler Scientific Inc. ('Semler' or the 'Company') (NASDAQ: SMLR) investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN SEMLER SCIENTIFIC INC. (SMLR), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On February 28, 2025, Semler filed its annual report for full year 2024 and disclosed that "there is a risk that [U.S. Department of Justice ('DOJ')] will file a complaint or complaint in intervention in a civil False Claims Act lawsuit seeking damages." The Company also revealed it had received an initial civil investigative demand from the DOJ in July 2017 regarding Semler's claims for reimbursement related to its peripheral artery disease QuantaFlo device. The Company further stated that it had participated in settlement discussions with the DOJ in February 2025, which were unsuccessful. On this news, Semler's stock price fell $4.03, or 9.4%, to close at $38.89 per share on March 3, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you purchased Semler securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
23-05-2025
- Business
- Business Wire
Securities Fraud Investigation Into Semler Scientific Inc. (SMLR) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Semler Scientific Inc. ('Semler' or the 'Company') (NASDAQ: SMLR) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON SEMLER SCIENTIFIC INC. (SMLR), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On February 28, 2025, Semler filed its annual report for full year 2024 and disclosed that "there is a risk that [U.S. Department of Justice ('DOJ')] will file a complaint or complaint in intervention in a civil False Claims Act lawsuit seeking damages." The Company also revealed it had received an initial civil investigative demand from the DOJ in July 2017 regarding Semler's claims for reimbursement related to its peripheral artery disease QuantaFlo device. The Company further stated that it had participated in settlement discussions with the DOJ in February 2025, which were unsuccessful. On this news, Semler's stock price fell $4.03, or 9.4%, to close at $38.89 per share on March 3, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us. Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: shareholders@ Telephone: 310-201-9150 (Toll-Free: 888-773-9224) Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice Persons with non-public information regarding Semler should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@ About Glancy Prongay & Murray LLP Glancy Prongay & Murray LLP ('GPM') is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPM has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
