News From Terre Haute, Indiana

Indiana Legislature

January 14, 2014

Indiana House panel considers business tax changes

INDIANAPOLIS (AP) — Members of the Indiana House committee are pondering a locally controlled cut in the state’s property tax on business equipment.

The Ways and Means Committee is set to consider today a House Republican plan that would let counties decide whether to waive the tax on new investments by existing companies in their communities or those moving in from out of state.

Senate Republicans have crafted a different measure that would eliminate the tax for most small businesses and cut the state’s corporate income tax.

Republican Gov. Mike Pence has called for a complete phase-out of the tax as part of his 2014 legislative agenda. But local leaders have chafed at the idea because the tax raises about $1 billion a year for local governments and schools.

 

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