State Budget Deal Reached
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.