Senator Mike Bohacek said in a recent release, “Fiscally conservative leadership at the Statehouse has consistently placed Indiana among the most financially responsible states in the nation.”
The senator continued, “In 2022, the General Assembly passed a plan to cut Indiana’s income tax to 2.9% by 2029, tying us for the lowest rate in the country among states with an income tax. Then, during the 2023 legislative session, lawmakers expedited this cut to take effect by 2027, helping Hoosiers realize the projected $1 billion in tax savings even sooner.”
Senator Bohacek said, “Though we were able to make gradual changes now, Senate Republicans hope to use findings from the newly created State and Local Tax Review Task Force to identify long-term transformational opportunities like cutting or streamlining our state’s income tax, eliminating property taxes on homes or any number of other tax reforms to benefit Hoosier taxpayers.”
The task force will conduct a holistic review of Indiana’s financial position and tax system throughout the current and 2024 interim before making recommendations to the General Assembly ahead of the 2025 budget session.
Senator Mike Bohacek closed his comments by saying, “The good shape Indiana finds itself in today didn’t happen by accident or overnight – it took research, planning, and consensus building. As your state senator, I look forward to seeing how our state can help Hoosiers keep more of their hard-earned money in the years to come.”