A proposed tax cut package introduced by Indiana House Republicans this week would cost the state more than $1 billion a year in revenue within the next three years.
The largest chunk would be from a roughly 7 percent cut in the state’s individual income tax. That reduction, which would happen gradually over the next few years, would eventually lower state revenues by more than $500 million a year.
There are also two different tax cuts for businesses on their business equipment and an elimination of certain utility taxes.
The House GOP’s tax cut push, contained in HB 1002, comes amid record budget surpluses. But both Senate Republicans and the governor have expressed caution about such large cuts this year.
They’re worried about future budget needs and the sustainability of the current large state revenue amounts.
(04-23-2024) Rooney And Shah Slated To Speak At Trine Commencement Ceremonies
(04-23-2024) Four Fires In Fremomt Over Five Days
(04-20-2024) Waterloo Man Drowns While Fishing In Little Turkey Lake
(04-19-2024) March Unemployment In Indiana Unchanged
(04-21-2024) Sturgis Suspect In Home Invasion, Assault Arraigned
(04-18-2024) Former Branch County Priests Not Allowed To Work With Children
(04-18-2024) Michigan’s March Unemployment Unchanged From February
(04-17-2024) LaGrange Foundation Awards LIFE Grants To Youth Programs
(04-16-2024) Coldwater Man Critically Injures An Orland Man In Accident
(04-16-2024) Sturgis Man Being Held On Rape Charge
(04-15-2024) Bronson City Council To Discuss Recreational Marijuana, Again
(04-12-2024) LaGrange Co. Community Foundation Receives Matching Grant
(04-12-2024) LaGrange Man Arrested On Multiple Charges In Mongo
(04-12-2024) Two People Injured In Three Vehicle Crash In Bronson
(04-11-2024) Ford Recalls 43,000 SUV’s Due To Fuel Injector Leaks
(04-11-2024) County Council Agrees On $1M Engineering Project With NIPSCO
(04-11-2024) Insanity Plea Dismissed For Angola Man Facing Murder Charges
(04-10-2024) Trespassing Suspect Allegedly Attempts To Drown SCSD K9
(04-09-2024) LaGrange Co. Council Approves Road Project Funding Request
(04-09-2024) Two Weekend Crashes In Cass County’s Milton Township