INDIANAPOLIS — Indiana’s General Assembly voted to give Indiana Governor Mike Pence a portion of what he wanted.
Pence was seeking a 10 percent income tax cut phased in over two years with 5 percent starting two months from now, and another 5 percent a year later. The full cut, under his proposal, would have been in place by mid-2014.
Instead, legislators saw that a 3 percent income tax cut would begin in 2015, and another 2 percent would start in 2017.
In other words, Pence is getting half the tax cut and it’s taking three times as long. However, for Pence the partial cut was enough to declare victory Saturday.
Pence packaged his income tax cut with the other budget items he claimed as victory.
Among those successes: eliminating Indiana’s inheritance tax immediately, saving taxpayers $150 million per year; and lowering the financial institutions tax, saving banks nearly $20 million per year.
“The work we have done together has laid a solid foundation for a more prosperous future for Indiana,” Pence told an area newspaper. “We will attract more good-paying jobs because of the business-friendly tax climate we have produced and the strong balance sheet we have preserved. And Hoosiers will keep more of what they earn.”
After watching the House and Senate pass the budget vote, and after Speaker of the Indiana House of Representatives, Brian C. Bosma announced the end of session, or Sine Die Friday evening, State Representative Kathy Hueur was pleased at the year of priorities achieved.
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