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State Budget Deal Reached

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House and Senate leaders have reached agreement with Governor Mike Pence on a tax cut package in the budget.  As Indiana Public Broadcasting’s Brandon Smith reports the governor got some of what he asked for:

 
The original House Republican budget contained none of Pence’s proposed ten percent income tax cut.  The Senate budget included a three percent cut.  House Speaker Brian Bosma says the final budget will include a five percent cut, phased in over three years.  The budget will also eliminate the state’s inheritance tax and continue a reduction in the corporate tax rate.  Bosma says the final deal fulfills his caucus’ main goal of a tax cut package that won’t hurt the state over the long term:

“We believe this blend is the right blend, it’s at the right amounts, it’s at the right time to be sustainable for the future.”

In a statement, Pence called the tax cut package a “great victory” for taxpayers, saying it will give a much needed boost to working families, small businesses and family farms.  For Indiana Public Broadcasting, I’m Brandon Smith.

Bosma says the full budget will likely be passed on Friday.

 

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