2014-04-01 / Letters to the Editor

Concerning Senate Bill 1

Dear Editor,

Governor Pence just signed into law, legislation that continues Indiana’s record of pro-growth tax reforms by cutting the state’s corporate income tax and creating local options for communities to reduce personal property taxes – and our own State Senator John Waterman should be thanked for his support and leadership on this crucial, pro-jobs/progrowth legislation. Senate Bill 1 phases down the corporate tax rate to 4.9% from 7.5% over the next six years, giving us the second lowest corporate tax rate in the nation. It also gives local governments several options for cutting personal property taxes including: exempting all businesses with less than $20,000 in personal property; eliminating the tax on all new personal property; or offering an extended personal property tax abatement for up to 20 years on new investments.

In addition, SEA 1 creates a Blue Ribbon Panel composed of legislators, local government leaders, educators and members of the business community to study the personal property tax and business taxation in Indiana.

Many economists have found the corporate income tax is the most harmful to economic growth. SB 1 is a first step towards increasing our competitiveness and allows locals to retain control.

Shortly after this legislation was introduced, the cost of propane spiked. Senator Waterman worked with Senator Hershman, the author of SEA 1, and Senate Leadership to include in the bill a tax cut for propane customers that eliminate sales taxes paid if the cost per gallon exceeds $2.50. The cut will provide customers with a credit on any excess sales tax paid from January through March of this year.

I’m very grateful to Senator Waterman for his leadership on tax reform and for helping hard-working Hoosiers hit with high fuel prices during one of the coldest winters on record.

Kristi Risk


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