Indiana Senate President Pro Tem David Long and House Speaker Brian Bosma [bahz-muh] issued a joint statement Thursday, regarding House Bill 1001, which they say will provide a three percent individual income tax cut for Hoosier taxpayers on January 1, 2015 and an additional 2 percent cut on January 1, 2017. Long says the measure represents single largest tax cut in the history of the state. Bosma says they have reached a budget that meets their goals of “prioritizing education and road funding while maintaining strong fiscal reserves. “
Governor Mike Pence, who had sought a ten-percent reduction in the income tax rate, called the agreement reached between his administration and legislative leaders for a 5 percent income tax cut... along with repeal of the inheritance tax ...and additional tax relief for businesses... a “great victory” for Hoosier taxpayers.