By the Associated Press in the Northwest Indiana Times:
A sunny budget picture unveiled to state lawmakers Tuesday virtually guaranteed Gov. Mike Pence will get at least piece of the $500 million cut to the personal income tax he has been seeking.
House and Senate budget leaders said they plan on approving a $500 million package of tax cuts as part of the biennial budget, but how much each cut will comprise has yet to be determined. The news came as state revenue forecasters released new estimates that the state will collect $290 million more than expected in the coming years.
A slowly improving economy contributed to the more optimistic estimate, even as proceeds from the state's gambling industry decline amid new competition across state borders. All of which comes as good news for Pence, the freshman governor, who has struggled to win support for his tax cut.
House Ways and Means Chairman Tim Brown, R-Crawfordsville, said he sees cuts to the personal income tax, corporate income tax, inheritance tax and financial institutions tax all being included in the final budget. The Senate budget proposed the immediate elimination of the inheritance tax, the cut in the financial institutions tax and a $150 million, or 3 percent cut to the personal income tax.
"We'll continue to have those discussions, again we're still analyzing how those two documents will fit together," Brown said.
The House approved budget calls for roughly $500 million in new roads spending, in addition to the restoration of $331 million in education cuts. The Senate approved a similar budget that instead calls for $400 million to invest in a highway expansion plan, $500 million in a series of tax cuts and the additional education money the House approved.
House and Senate negotiators plan to meet Wednesday to begin work on a compromise.
...
http://www.nwitimes.com/news/state-and-regional/indiana/ind-expects-m-more-pence-team-sees-momentum/article_892f41b2-0dd4-520c-a520-df20b1c4254c.html
