Citing inflation’s impact on regular Hoosiers and Indiana’s strong fiscal shape, Indiana Governor Eric Holcomb says Indiana lawmakers should cut taxes.
Hoosiers will already get a tax rebate due to the automatic tax refund, however Holcomb says the income tax rate should be lowered from 3.0 to 2.9 percent, tying it for the lowest personal income tax rate in the country.
The Governor also wants to reduce the Indiana State Teachers’ Pre-96 Retirement Fund by paying off another $2.6 billion at the end of this fiscal year and eliminate both the Utility Receipts Tax (URT) and the 30% tax floor on Business Personal Property for all new equipment.
The Governor says local governments would not harmed by eliminating the floor on business personal property taxes because if necessary, the state would create a fund for the locals to replace lost revenue.
You can hear the Governor in the Leon-Tailored Audio above.
He also offers his thoughts on the last few days of the Indiana General Assembly’s 2022 legislative session.