11/13 Torchbearer Weekly Policy Update
Welcome back! We hope you enjoyed your weekend. Thank you for allowing us to be your trusted source for news at the local, state, and federal levels.
Local, state, and federal highlights in this week’s memo include:
- Capitol Hill Targets Legacy Preferences for College Admissions
- State Revenue Under Projections For First Time This Fiscal Year
- Abortion Providers Amend Suit, Seeking Injunctions Against Health Exemption, Hospital Requirement
- Homes Out Of Reach For Middle-Income Earners
- Share the Torchbearer Newsletter with Your Network!
- Important Dates
Let’s dive in.
Capitol Hill Targets Legacy Preferences for College Admissions
Senators introduced a bill to end legacy admissions at colleges and universities, following the Supreme Court ruling on race in college admissions.
Why it matters: The bill aims to address concerns of fairness and merit in college admissions by prohibiting preferential treatment based on alumni or donor relationships.
The big picture: Legacy and donor preferences have disproportionately benefited white and wealthy students, sparking a broader debate on college admissions.
What's next: The bill's prospects are uncertain, but it highlights the increased interest in college admissions on Capitol Hill. (Wall Street Journal)
State Revenue Under Projections For First Time This Fiscal Year
The state of Indiana collected nearly $1.5 billion in October, but it fell short of projections for the first time this fiscal year.
Why it matters: The revenue shortfall is significant because it is almost 9% below expectations and puts the state below its year-to-date projection by 1%.
By the numbers: Collections on individual gross income were 17% below expectations, while sales and use taxes were nearly 6% below.
The big picture: The lower revenue in October raises concerns about the state's fiscal year outlook and highlights the impact of individual income tax on overall revenue.
Yes, but: Corporate taxes slightly outperformed expectations by nearly 4%.
What's next: The monthly collections will fund Indiana's biannual budget, and the state will need to address the revenue shortfall in future months. (IBJ)
Abortion Providers Amend Suit, Seeking Injunctions Against Health Exemption, Hospital Requirement
Abortion providers in Indiana have filed an amended complaint challenging the state's near-total abortion ban and seeking new injunctions against health and hospital clauses they argue are overly narrow or unnecessary.
Why it matters: The fight for reproductive freedom in Indiana continues as abortion providers challenge restrictive laws that limit access to care for vulnerable individuals.
The big picture: The ban on abortion in Indiana is more stringent than the state constitution's protection of a woman's right to an abortion. The plaintiffs argue that the ban's exceptions are unconstitutionally narrow and could harm the health of pregnant individuals.
What's next: The plaintiffs have requested preliminary injunctions to halt enforcement of the health risk language and the hospital requirement. They are also seeking a declaration that both elements of the ban are unconstitutional. (Indiana Capital Chronicle)
Homes Out Of Reach For Middle-Income Earners
The median household income in Central Indiana is about $76,000 a year, but families need to earn $5,000 more to comfortably afford the median-priced home, per a new analysis from Redfin.
Driving the news: Americans haven't felt this discouraged about homebuying in decades, Axios' Brianna Crane writes.
The latest: The median Indianapolis-area home price was about $300,000 in August, per Redfin's data.
- Mortgage rates continue to stay above 7%, putting monthly payments out of reach on homes that might have been affordable two years ago.
Zoom out: The median income in the U.S. is $75,000 a year, but it takes $115,000 to afford the typical home.
The bottom line: Indianapolis maintains an affordability advantage compared to other cities, but that comes as little solace to people struggling to find houses for sale that fit their budgets. (Axios)
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Tuesday, November 21st - Organization Day
Monday, January 8th - Anticipated 2024 legislative session start date