tax cuts

Most new laws passed by the Indiana General Assembly take effect July 1, but there are always a few that take a little longer.

A plan for gradually cutting Indiana’s individual income tax rate over the next seven years has been signed into law by Gov. Eric Holcomb.

The measure makes two major tax reductions. It cuts the individual income tax down to 2.9 percent (from its current 3.23 percent). And it eliminates a pair of utility taxes.

The bulk of the testimony Monday focused on Indiana’s business personal property tax. Local governments are wary of a reduction – they rely on that tax as a revenue source.

Holcomb Thursday unveiled specifics on the tax cuts he’d like to see enacted this session – and that includes eventually lowering the personal income tax rate to 2.9 percent.

Indiana legislators pushing for significant tax cuts are now getting some support from Gov. Eric Holcomb.

Senate lawmakers are grappling with COVID-19 vaccine mandates, a $1 billion-a-year tax cut package, legislation policing how controversial topis are taught, and a ban on transgender girls in youth sports.

Indiana House Republicans are advancing a bill that would provide $1 billion in tax cuts. They say the cuts will attract business to the state, but some mayors are worried about the potential impact on their communities.