Governor and Legislature and State Government and Taxes and Legislation and Government & Economic Development and Government and Economic Development

Governor signs tax-cut, economic development bills

March 25, 2014

Indiana Gov. Mike Pence on Tuesday signed into law a package of state business tax cuts approved by lawmakers earlier this month.

The governor attended an event Tuesday morning in Greenwood to sign a bill (Senate Bill 1) cutting the state's corporate income tax and providing options for county leaders to reduce property taxes on business equipment.

Pence had sought the elimination of the state's property tax on business equipment, but he faced strong opposition from local government leaders worried about losing a key source of revenue. The tax plan approved by lawmakers amounts to a portion of what Pence originally sought.

Pence also signed House Bill 1035, which requires the Indiana Economic Development Corp. to conduct an assessment of Indiana's regional metropolitan areas.

In addition, the governor also signed:

HB 1198, which eases the requirements for entrepreneurs to start and grow their businesses by mandating executive agency participation in the Business One Stop online portal;

SB 375, which allows new fundraising tools for entrepreneurs, including online crowdfunding;

SB 421, which cuts red tape and unnecessary licensing requirements for Indiana employers;

SB 111, which protects Indiana farmers from unanticipated increases in their property taxes.
 

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