Income tax cut to be revealed Thursday

INDIANAPOLIS (WISH) — Will the governor get his planned 10-percent cut in the state income tax? That will be revealed Thursday.

The new two year state budget will include tax cuts, including a cut in the income tax. But it will likely be smaller than the 10 percent cut sought by Mike Pence.

Members of the House of Representatives posed for a class picture just before House Speaker Brian Bosma revealed that there is, in fact,  an income tax cut in the final version of the state budget. There was none in the House version of the budget. When asked how big it would be, Bosma said, "That's still under discussion."

Rep. Tim Brown (R-Crawfordsville,) a budget negotiator, was just as vague. But in a 24-Hour News 8 interview on Tuesday he disclosed that final negotiations center on the 3 percent income tax cut passed by the state Senate. 

He said, "The framework, I think, looks like the Senate version."

Legislative leaders, in the meantime, are aiming to wrap up before the Monday deadline. 

"We're making progress," said Speaker Bosma, "and we'll be out of here in a timely fashion on Friday."

Speaker Bosma did say that the budget will include a billion dollars in tax cuts over the two-year budget period.
He says that's a record. Look for an inheritance tax cut and corporate tax cuts to make up some of that total.

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