Indiana Legislature passes business tax cuts

Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

INDIANAPOLIS (AP) - A broad package of business tax cuts is on its way to the governor’s desk.

The corporate income tax and state banking tax would be reduced to 4.9 percent and local governments would be left to decide whether to cut the business equipment tax. The Senate and the House both voted along party lines Thursday in favor of the plan.

Bill author Sen. Brandt Hershman said the cuts are crucial to competing with other states seeking new businesses. But Democrats opposing the cuts said that lawmakers will have to come back next year and begin cutting critical services such as education and roads.

Gov. Mike Pence originally sought the elimination of the state’s tax on business equipment, but local leaders opposed the measure because the tax provides critical revenues.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

blog comments powered by Disqus
TWT Video Picks