(STATEHOUSE) - The House and Senate are approaching agreement on another round of business tax cuts.
House and Senate committees have endorsed a "super tax abatement," allowing counties to forgive taxes for up to 25 years instead of 10.
House Ways and Means Chairman Tim Brown (R-Crawfordsville) says that gives counties an alternative to the House's proposed local option to eliminate the property tax on new business equipment.
Senate Tax and Fiscal Policy Chairman Brandt Hershman (R-Buck Creek) says the Senate still has concerns about the local option approach pitting counties against each other. But he says the superabatement alleviates those concerns.
Both chambers now support cuts Hershman proposed in bank and corporate income taxes. The remaining differences are on the centerpieces of the original House and Senate proposals: the local option plan from the House, and the Senate's proposal to abolish the business personal property tax on companies with less than $25,000 dollars worth of equipment.
Hershman says the partial repeal would eliminate largely pointless paperwork for both businesses and county auditors while costing local governments a minuscule amount of money.
Brown says he can support the concept if the definition of how those values are calculated is clarified.
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