Gov. Mike Pence on Monday hailed an income tax cut legislators passed late Friday night, while also addressing a number of other bills.
The newest state budget calls for a 5 percent income tax cut starting in 2015 and then fully implemented in 2017. It also includes an immediate repeal of the state inheritance tax while continuing other business tax cuts.
Pence said repeatedly it was the “right tax relief at the right time.”
He said the income tax cut will save Hoosier taxpayers $300 million annually when fully implemented.
Pence did acknowledge, however, that after weeks of vigorous debates lawmakers swayed him from the 10 percent income tax cut he sought.
“I think the tax relief we crafted together was better than what I was proposing,” he said.
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