INDIANAPOLIS – On Thursday, the Indiana Senate signed off on a controversial measure that cuts Indiana’s corporate and financial institution tax rates and opens the door for additional cuts to the business personal property tax rate. Proponents of Senate Enrolled Act (SEA) 1 touted the measure as an economic development tool, however Senate Democrats expressed concern over the job creation performance and cost in lost revenue of previous and future tax cuts – pegged at more than $5.8 billion through 2023.
“In this decade, the result of these cuts will force us to make some difficult choices: like choosing between funding our schools or repairing roads,” said State Senator Karen Tallian (D-Portage). “Tax climate is only part of the economic development equation. I’m disheartened we have not focused more on investing in education and infrastructure improvements.”
SEA 1 authorizes county governments to fully exempt personal property tax levied on businesses…
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