Gov. Eric Holcomb recently at the Statehouse ceremonially signed into law Indiana’s next two-year state budget, which State Rep. Jack Jordan (R-Bremen) says delivers big wins for Hoosier taxpayers and families.
According to Jordan, a member of the House Ways and Means Committee and chair of the Budget Subcommittee, the state’s new fiscal blueprint is structurally balanced, and provides relief for taxpayers, strengthens commitments to families and students, and invests in the future.
“Our next state budget continues to build on Indiana’s strong track record of being fiscally responsible and doing what’s right by taxpayers,” Jordan said. “Hoosiers are estimated to save about $430 million through various tax relief measures. We also made smart, strategic investments that set up Indiana and our students for success.”
Jordan said taxpayers are expected to save an estimated $430 million over the next two years via tax relief passed during the legislative session. He said with the acceleration of individual state income tax cuts, hardworking Hoosiers will have one of the lowest rates in the nation by 2027.
Indiana’s K-12 spending makes up about half of the state’s $44.6 billion budget. Jordan said Indiana’s new budget continues significant investments as student funding will increase by 10% over the next two years. Jordan said parents will no longer pay textbook and curricular fees. Funding will also support Career Technical Education and Career Scholarship Accounts to increase work-based learning opportunities for Hoosier students. Jordan said it’s critical more students skill up and prepare for whatever path they choose after high school graduation.
Jordan co-authored House Enrolled Act 1034 providing active-duty military members a complete income tax exemption starting next year. He said this tax cut could attract more out-of-state service members and their families to Indiana, and help fill the workforce pipeline.
Property tax dollars are collected and spent locally, and help pay for schools, police and fire protection, and other local government services. To help counter the rise in local property tax bills, Jordan supported about $100 million in property tax relief for homeowners beginning next year. Hoosiers can expect a temporary increase to the supplemental homestead tax deduction and additional limits on property tax levy growth.
To increase access and availability of quality care, Indiana will launch a new statewide infrastructure for mental health services, including expanding the number of behavioral health clinics. The 988 Suicide Crisis Lifeline will expand to ensure Hoosiers in crisis have someone to call, somewhere to go and someone to respond during an emergency.
Jordan said the budget plan continues investments in the state’s successful Regional Economic Acceleration and Development Initiative or READI to create a second round of grants to make Indiana a magnet for talent and economic growth. More than 95% of the initial grant funds, totaling nearly $475 million, have been awarded for 347 projects statewide, including in northern Indiana. According to the Indiana Economic Development Commission, the projects are expected result in more than $8.5 billion in additional outside investment.
Visit iga.in.gov to learn more about the new state budget or 2023 legislative session.