This session our state budget plan includes nearly $625 million in tax cuts for Hoosiers.

Thanks to more than a decade of following fiscally conservative principles, our state is in the position to responsibly cut taxes while maintaining healthy reserves, paying down debt and investing in the future.   

Last year, we led the charge to cut the individual income tax rate from 3.23% to 2.9%.  When fully phased in, Indiana will have one of the lowest income tax rates in the nation.

This session, our budget proposal would speed up the phase-in of this tax cut by three years. Accelerating the income tax rate cut would save Hoosier taxpayers $470 million over the next two years and $1.6 billion between now and 2030.

The budget proposal also contains more than $155 million in additional tax cuts, including increased income tax deductions for homeowners and renters, additional tax deductions for new parents, an increase to the earned income tax credit, and exemptions for active-duty military members and civil service annuity recipients.

Hoosiers should keep more of their hard-earned money and that’s why we’re hopeful these proposed tax cuts will become law. House Bill 1001 is now being considered in the Senate Committee on Appropriations where the bill could change. To learn more about the House Republican budget plan and our efforts to cut taxes, visit IndianaHouseRepublicans.com or click here.