From the Indianapolis
Star:
Since January, Indiana’s lawmakers have tussled over
education, tax cuts and mass transit.
Some issues are now done deals. They’ve agreed to further
restrict abortions, give the Indianapolis mayor more power, limit certain
over-the-counter cold medicines used in drug production and laid the foundation
for a craft artisan distillery business to complement the burgeoning craft beer
and winery industries in Indiana.
But time is now running out.
Now, the Indiana House and Senate have to find agreement
on dozens of issues -- including a new budget, tax cuts, education standards,
and how to assist casinos and the Indianapolis Motor Speedway -- by midnight
April 29
…
Gov. Mike Pence has made a 10-percent cut to individual
income taxes the cornerstone of his first year in office. But the House left
the tax cut out of the state budget entirely. In a nod to the governor, the
Senate added back in a 3-percent cut.
Lawmakers will look to the state revenue forecast due
Tuesday to ensure they can move forward with any tax cut.
“If it’s catastrophic, well, that’s a problem,” Long
said. “If it’s cautiously optimistic, that’s helpful. If there’s storm clouds
out there … that could mean that we have to rethink our tax cuts. We’ll just
wait and see.”
If it continues to look rosy, the House and Senate appear
set to negotiate between no cut and a 3 percent cut. Pence, though, remains
hopeful he can convince lawmakers to his way of thinking. He says his cut “will
send a very strong message around the country that Indiana is open for
business.”
…
Casinos, Indianapolis Motor Speedway
The Indianapolis Motor Speedway, for the first time, is
seeking financial help from the state to stay competitive with other
entertainment venues.
So, too, are Indiana’s casinos and racinos.
And right now their fates may be linked.
The Senate passed separate bills to assist the two
industries: Senate Bill 91, which would capture tax revenue from Speedway land
and use up to $5 million annually for 20 years to help pay for lighting and
grandstand improvements at the track; and Senate Bill 528, which would add
table games with live dealers to the racinos and let riverboats expand their
casinos onto land they already own.
The House, though, had different ideas. Its version of
those bills ditches the live dealers and land-based casinos, though it keeps
some favorable tax changes. And it turned the Speedway assistance into a loan
program, paid off with any growth in the track’s sales and income tax revenues.
Oh, and one more little thing: The House version of the
bills shifts $10 million annually from the racinos to assist motorsports, with
$5 million for 20 years treated as an interest-free loan to the Speedway, and
$5 million helping other motorsports tracks and businesses.
It’s a plan that has outraged legislators whose districts
include the racinos.
…
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