INDIANAPOLIS, Ind. (www.incnow.tv) - It's finally over. The income tax reduction to restore money cut from education and transportation has given The Indiana General Assembly a sigh of relief.
The session ended with a 70 to 30 vote approving the two-year, $30 billion budget. It was then sent to Gov. Pence for his signature to become a law early Saturday.
“This budget is about giving more to Hoosiers through tax relief and employment opportunities. It will spur economic growth, educational achievement and protect our state for years to come by having prudent reserves in place,” said State Rep. Tim Brown (R- Crawfordsville). “I’ve said since day one of being privileged to take this position that I want two things: a balanced budget and to get out on time. We’ve accomplished both these feats with a budget that Hoosiers can be proud of.”
Lawmakers buckled down and worked persistently to crank out a balanced budget in a timely manner.
The main goals of the budget focused on fiscal integrity, protection to Hoosier taxpayers, and investments in education all the while boosting the economy through job growth.
"Over the past decade or more, House Republicans have continually presented lean budgets," said Speaker of the Indiana House of Representatives, Brian C. Bosma. "Because of this, we have been able to give taxpayers the largest tax cut in the history of Indiana, while meeting our investment objectives and maintaining our reserves, truly making our state the envy of the nation.”
When fully implemented, the tax cut package will reduce taxes by $650 million per year and cuts the individual income tax rate by 5%.
On the education side, the decision provides funding to repay charter school start-up loans, invests an additional $190 million for higher education, and increases funding for student financial aid by $75 million over the biennium.
State Representative Kathy Heuer (R-Columbia City) stated that the Hoosier workforce is a real asset to attracting companies to Indiana in addition to the pro-business and taxpayer friendly policies enacted.
"For the last three years, Indiana has been at the forefront of the nation’s recovery effort creating more jobs than most other states."
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