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Tue April 16, 2013
Indiana's Improved Revenue Picture Gives Pence New Optimism for Tax Cut
Expectations that Indiana will collect $290 million more in taxes leave Gov. Mike Pence’s team optimistic it can win a $500 million cut in the state's personal income tax this year.
House and Senate budget leaders said today that the improved fiscal picture makes it likely they will approve $500 million in tax cuts this year, but not necessarily the cut Pence wants.
State revenue forecasters said the improving economy should help Indiana bring in roughly $290 million more than the state previously anticipated.
Lawmakers have been lukewarm to Pence's top legislative priority. They've passed budgets that use Indiana's surplus to restore cuts made in education and roads funding. But the new estimates provided new hope for the Pence administration of winning at least a partial victory.