INDIANAPOLIS (AP) — The Indiana’s Senate tax committee has approved a series of tax cuts designed to aid Indiana businesses.
The committee voted today to eliminate the property tax on equipment for small businesses and further cut the state’s corporate income tax. The measure was crafted as an alternative to a House Republican plan that would allow counties to waive the business tax on new investments.
Republican Gov. Mike Pence called for the elimination of the business equipment tax when delivering his legislative agenda last month. But an outcry arose from local leaders who expected to bear the $1 billion price tag.
Pence budget chief Chris Atkins announced the governor’s support for the Senate plan today. Atkins said last week the governor was also supporting the House plan.