The Indiana General Assembly concluded last week, and Senate Republicans continued our commitment to strong fiscal discipline by passing a balanced two-year state budget for 2024-2025 and providing tax relief for Hoosiers.
State Senator Mike Bohacek said, “I want to do my part to make sure our tax system is working for Hoosiers. Though property tax rates are set at the local level, I supported a package that will provide a projected $109 million in property-tax relief for homeowners in the coming year. In addition, our budget provides a projected $117 million in income-tax cuts for Hoosiers in the next year.”
Here are some highlights from the budget.
Improving Health Care
– $225 million for an optional local public health grant (SEA 4)
– $100 million for community mental health initiatives (SEA 1)
Funding K-12 Education
– $2.9 billion increase in state funding
– Eliminates textbook fees for families
– $1.5 billion increase in tuition support
– Increases the number of families who can utilize school choice
Improving Public Safety
– $95.3 million to increase pay for state police, conservation, and excise officers
– $10 million for Regional Mental Health Facility Grants
Supporting Hoosier Veterans
– $2 million in new funding for veteran suicide prevention
– $4 million for veterans’ career and relocation assistance
Cutting State Debt
– Eliminates $700 million in pension liabilities
– $1.8 billion paid upfront for capital projects, avoiding future debt for taxpayers.
Click here for more information on the budget.