Chamber: Local Officials Overestimating Tax Cut HitPosted: Updated:
An executive with the Indiana Chamber of Commerce believes the revenue hit from a potential business personal property tax phase out would be much less than many local officials are estimating. During this week's INside the Statehouse segment, Vice President of Tax and Public Finance Bill Waltz believes the decrease would be closer to $500 million than the nearly $1 billion some already cash-strapped communities fear. Waltz says the Indiana House and Senate are considering proposals that are "different, but not mutually exclusive." He says the Senate is looking at a plan to exempt the portion of businesses that pay the least amount of personal property tax from filing. In the House, he says lawmakers are considering giving local entities the option of not charging the tax on new equipment purchases.
IndyPolitics.org Publisher Abdul-Hakim Shabazz said earlier this month he believes the issue could go to a study committee. Waltz says often such panels are "not particularly productive." He believes legislators can pass parts of a phase-out plan and have a commission look at the "harder" parts.
Sources: Indiana Chamber of Commerce, Inside INdiana Business