Brought to you by WBIW News and Network Indiana
Last updated on Tuesday, February 19, 2013
(UNDATED) - With the House putting off discussion of a proposed income-tax cut, the Senate will dive into the debate instead.
A Senate committee will take up a tax cut authored by Kokomo Republican Jim Buck.
Instead of the two-year phase-in Governor Pence proposes, Buck would phase it in over four. He says that would give legislators a chance to halt the tax cut if the economy sputters -- or speed it up if Indiana takes in more money than expected.
And while Pence picked a round number for the size of the cut, Buck picked a round number as its endpoint. His bill would slice a tenth of a point off the tax rate each year, to wind up at an even three-percent. That makes the cut slightly larger than Pence's 10-percent cut.
Pence says he won't stop pressing for a tax cut -- he notes neighboring Ohio is among the states considering tax cuts, with others having passed them already.
Ways and Means Chairman Tim Brown (R-Crawfordsville) says there will be time to consider a tax cut after an updated economic forecast in April gives legislators a more precise idea of how much money they have to work with.
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