INDIANAPOLIS — Gov. Mike Pence says an income tax cut in the Indiana Senate’s proposed budget is a start but he’ll still push for the $500 million cut he has proposed.
Senate Republicans put forward a $30 billion budget today that cuts the state’s personal income tax by a total of $150 million annually and funds an expansion of major highways.
Senate Republicans propose putting $200 million a year in a new transportation fund to pay for additional lanes on Interstate 70 and Interstate 65 crossing the state. It also would pay for building a new bypass around most of Indianapolis.
They also propose eliminating the inheritance tax and cutting the financial institutions tax by 2 percentage points.
The Senate Appropriations Committee advanced the budget on a 9-4 party line vote today.
Gov. Pence discusses the Senate budget released this morning.