a favorable tax environment
INCPAS advocates for state tax policy delivered by the state in a sound and transparent manner that creates a favorable tax environment for individuals and business.
INCPAS promotes sound tax policy aligned with AICPA’s Guiding Principles of Good Tax Policy
We recognize the following and leverage our member’s expertise to help Indiana advance sound tax policy:
- State tax policy is an extremely complex subject including, but not limited to, the fiscal responsibility of the state and the citizens.
- Tax policy influences the ways citizens (individuals and businesses) conduct their financial affairs.
- While citizens should pay their fair share, everyone has the right to pay what they owe and no more.
- The state has a responsibility to the citizens to be fiscally responsible with the tax money raised, to provide services at a reasonable cost and to administer the tax rules in an equitable and transparent manner.
- The federal government has shifted costs (services) to the states to bear, which increases the need of the state to raise revenue to fund. This directly affects and magnifies state tax policy, the financial resources of the state and the services that can be offered by the state.
- Tax incentives are used by states and local government to compete for business.
- We support an integrated approach to equitable tax incentives considering the effects on tax revenues, services offered and the need to shift the tax burden to other citizens.
Additionally, Indiana’s state tax policy should:
- Define the financial resources available to pay for the services that should be offered by the state. Our elected officials are tasked with balancing tax collections with spending on services.
- Be administered with the least amount of administrative burden.
- Be balanced from several different sources based on income, property owned and consumption.
- Consider and be prepared to adapt to the way business and commerce are conducted.
- Consider globalization and e-commerce, multi-state business and residency by individuals.
- Consider other state’s tax policies and implementation.