Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, February 27, 2013
(STATEHOUSE) - House Speaker Brian Bosma says Republicans are committed to providing tax relief in the new state budget — but not necessarily the kind of relief Governor Pence wants.
Republicans hold both chambers of the legislature as well as the governorship, but House and Senate leaders alike have been at odds with Pence over his proposed income-tax cut.
Bosma emphasizes the two-year budget approved Monday by the House incorporates 300-million dollars in tax relief, by abolishing Indiana's inheritance tax at the end of the year. That tax is currently scheduled to be phased out over several years.
Bosma says the inheritance tax and the corporate income tax are "clearly out of line" with other states, while Indiana's income tax is among the lowest in the nation. But he concedes Pence may well end up with some of what he wants, with a compromise offering a mix of several different cuts.
House Republicans have said they want to see updated economic forecasts due in April so they can ensure any tax cut is sustainable for the long term.
House passage of the budget sends it to the Senate, which will begin work next week on writing its own version.
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