Lawmakers reach agreement on biennial budget

A draft of the budget bill calls for a 5 percent cut in individual income tax phased in with two cutbacks  3 percent in 2015 and 2 percent in 2017.

The budget will be before the House and Senate this Friday and is expected to pass.

[quote style=”boxed”]“Today Hoosier taxpayers won a great victory. The agreement reached between our administration and legislative leaders will be the largest state tax cut in Indiana history. The combination of a 5 percent individual income tax cut, inheritance tax repeal and additional tax relief for businesses is the right tax relief at the right time and will give a much needed boost to working families, small businesses and family farms.I am grateful for the leadership of Senate President Pro Tem David Long, Speaker Brian Bosma and other key fiscal leaders for working diligently with our administration to craft this historic package of tax relief. Their efforts demonstrate the commitment of the General Assembly to put taxpayers first.” Statement From Governor Mike Pence[/quote]

[quote style=”boxed”]“When fully implemented, this is the single largest tax cut in the history of our state,” Long said. “We believe these tax cuts are responsible and will have a positive impact on every Hoosier taxpayer and provide a meaningful boost for the Hoosier economy. I appreciate the hard work of the House and Senate fiscal leaders in putting this tax package together and thank the Governor for his willingness to find common ground and embrace a winning tax cut package for all Hoosiers.” Statement from Senate President David Long [/quote]

[quote style=”boxed”]“Through hours of important discussions, we have reached a budget that reflects the goals that House Republicans set out to achieve this session. Our budget meets our goals of prioritizing education and road funding while maintaining strong fiscal reserves. In addition we integrated a conservative concept for state budgets of paying cash for projects and reducing the state’s debt burden. After meeting each of these goals and with a proven track record of fiscal integrity, we are in a positive fiscal environment to give Hoosiers the largest tax cut in the history of Indiana. This blend of tax relief will have a positive impact on Hoosiers across the state and will result in a tax cut for every Hoosier.” Statement from Speaker Bosma[/quote]