Brought to you by WBIW News and Network Indiana
Last updated on Thursday, January 23, 2014
(UNDATED) - Business lobbyists are scrambling to keep up with three competing versions of a proposal to abolish Indiana’s business personal property tax.
A House committee will vote Thursday on House Republicans' bill to give each county the option of eliminating the tax on new equipment. Next week, the Senate is expected to vote on the Senate GOP's bill to eliminate the tax for businesses with less than $25,000 dollars in equipment. And Governor Pence has called for a statewide phaseout.
National Federation of Independent Business state director Barbara Quandt declines to pick a preference among the three bills. She says any of them would be welcome.
Quandt and Indiana Manufacturers Association president Patrick Kiely agree the big plus in the Senate version isn't the tax cut itself, but the elimination of paperwork that often costs small businesses more than the tax does. Unlike the tax on real property, county and township assessors don't set the value for the business personal property tax -- businesses must do that work themselves.
The small businesses targeted by the Senate tax cut would save a maximum of 750 dollars. The Senate bill sweetens the pot with a further cut in the corporate income tax.
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