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Budget Has Billion-Dollar Tax Cut

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The state of Indiana is poised to cut taxes by a billion dollars. The largest package of tax cuts in state history is up for vote as lawmakers Thursday announced the budget plan now includes a combined five-percent income tax cut, with the first reduction beginning in 2015, followed by an additional two percent two years later. House Bill 1001 also eliminates the inheritance tax, and contains tax relief for businesses as well.
Indiana Senate President Pro Tem David Long and House Speaker Brian Bosma [bahz-muh] issued a joint statement Thursday, regarding House Bill 1001, which they say will provide a three percent individual income tax cut for Hoosier taxpayers on January 1, 2015 and an additional 2 percent cut on January 1, 2017. Long says the measure represents single largest tax cut in the history of the state. Bosma says they have reached a budget that meets their goals of “prioritizing education and road funding while maintaining strong fiscal reserves. “
Governor Mike Pence, who had sought a ten-percent reduction in the income tax rate, called the agreement reached between his administration and legislative leaders for a 5 percent income tax cut... along with repeal of the inheritance tax ...and additional tax relief for businesses... a “great victory” for Hoosier taxpayers.
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