| Returning More Than $1 Billion To Taxpayers | |||||
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Indiana remains in a strong fiscal position and revenue collections continue to outpace expectations, and now our state is facing $5 billion in reserves and a $2 billion structural surplus. That’s why I recently joined fellow legislators in supporting the largest tax cut in the state’s history that once fully implemented will return more than $1 billion to taxpayers. The legislation delivers direct relief to working Hoosiers by reducing the individual income tax from 3.23% to 2.9% over seven years. Once phased in, Indiana will have one of the lowest income tax rates in the nation. House Enrolled Act 1002 will also help lower utility bills for Hoosiers and businesses by eliminating the 1.46% Utility Receipts Tax currently paid on electricity, natural gas, water, steam, sewage and telephone bills. |
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This tax-cut package includes using reserves to make a one-time, $2.5 billion payment toward pre-’96 teacher pension obligations. This comes after Indiana has paid down well over $1 billion in debt over the last year alone, which will help set us up for additional tax cuts in the near future.As revenues continue to outpace expectations, Hoosier taxpayers will also receive a $125 refund this spring as part of a combined refund of over $545 million. Indiana’s fiscal position is strong and now is the time to put money back into the pockets of those who earned it. Our low taxes and low cost of living are part of what helps Indiana stay competitive with neighboring states when it comes to attracting workers and businesses alike. |
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