INDIANAPOLIS (WLFI) – On the final day of the 2014 legislative session, relief for Indiana businesses is approved.
The state Senate approved a reduction of the corporate income tax and state banking tax rates to 4.9 percent. State Sen. Brandt Hershman, who authored the bill, says the cuts are crucial to compete with other states seeking new businesses.
But Democrats who oppose the cuts say, it means that lawmakers will have to come back next year and cut critical services, such as education and roads.
As News 18 has already reported, Gov. Mike Pence originally wanted to eliminate the state’s tax on business equipment, but local leaders opposed the idea because it provides them critical revenues.