Forward progress for our businesses
For some time, Indiana’s business personal property tax has been the one black mark against the state’s tax climate. Some states don’t tax it at all, and Indiana’s rate is among the highest in the country.
Senate Bill 1, passed this legislative session, is a good initial step toward business personal property tax elimination and begins to offer relief to Hoosier businesses.
What Senate Bill 1 does is provide counties with options to essentially start phasing out the tax (beginning in July 2015). Local governments can elect to exempt newly acquired machinery and equipment outright or do the same for small businesses with less than $20,000 in personal property. But again it’s entirely optional. Mayors and local governments have a choice. If they don’t want to exercise either option, they don’t have to.
The two local options coupled with a provision to extend tax abatement from 10 to 20 years have the potential to be meaningful tools in attracting business investment and new jobs to the state. Senate Bill 1 also reduces the corporate income tax rate from 6.5 percent to 4.9 percent, which will rank Indiana among the lowest in the nation.
Looking ahead, the Blue Ribbon Commission established in the bill will be a vital player in how far this goes and how quickly. That group will examine how we can move toward total elimination, while still ensuring that vital local government services are provided for.
The commission will be reviewing all aspects of local government financing and business taxation. The Indiana Chamber will represent companies and their employees with a seat on the commission.
The ultimate elimination of the state’s business personal property tax is a goal of the Indiana Chamber’s Indiana Vision 2025 economic development plan (www.indianachamber.com/2025) and is something we will continue to advocate for.
— Kevin Brinegar, President/CEO Indiana Chamber of Commerce
Good opportunity for Woods day care
How gracious of Small World Learning Center to reach out to The Woods Daycare/Preschool in a proposed merger to help The Woods out of a difficult situation.
Small World administrator, Nic Tacker, is to be commended. In my opinion, Mr. Tacker has the ability to turn The Woods facility around. I know him personally and watched him make tough decisions which resulted in doing just that with a previously struggling facility.
If The Woods has a desire to keep the facility open, considering his proposal and giving him the opportunity to assist them would be beneficial in saving their nationally accredited program/facility and giving many parents peace of mind.
— Kenna Hittle, Terre Haute