by STATE REPRESENTATIVE Wendy McNamara
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Recently, I joined my fellow House lawmakers to pass a responsible and sweeping tax-cut package that could put over $1.3 billion back in Hoosiers’ pockets. The state’s budget reserves are expected to hit a record $5 billion at the end of fiscal year 2022. If House Bill 1002 becomes law, it would be the largest tax cut in state history. House Bill 1002, which I supported, would deliver direct relief to working Hoosiers by phasing down the state’s individual income tax. Hoosiers would also pay less on their monthly utility bills with the elimination of the Utility Receipts Tax.
To encourage new investments, the legislation would lower Indiana’s business personal property taxes while ensuring homeowners and schools aren’t negatively impacted by the reduction in revenue. About 4.3 million Hoosier taxpayers are set to receive a $125 refund after they file their taxes in 2022 due to higher-than-expected state revenue numbers during the 2021 fiscal year. The bill would help streamline this process and ensure about another 900,000 taxpayers also receive a refund. Indiana has paid down well over $1 billion in debt over the last year alone, and now we have an opportunity to do what’s right by taxpayers and pass this responsible tax-cut package. House Bill 1002 is now in the Senate for further consideration.
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