Pence ‘Open’ to Tax Cut Replacement Revenue

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Governor Mike Pence says he is “open to full state replacement revenue” to cover costs of a potential phase-out of the business personal property tax. He met with mayors from throughout the state Tuesday to discuss the impact of proposals being considered at the Statehouse.

Indianapolis, Ind. — Governor Mike Pence shared the following statement in a meeting this afternoon with mayors from across the state.

“I believe that reform of the business personal property tax will mean jobs for Hoosiers.

“After listening to local communities across our state, I have informed legislative leaders that I am open to full state replacement revenue for local governments to cover the cost of eliminating the business personal property tax on small businesses with less than $25,000 in equipment, as proposed in Senate Bill 1. This would ensure that any reform of this tax does not unduly burden local governments or shift the cost of this tax onto hardworking Hoosiers.

“This reform, along with affording counties the option of ending the tax on new equipment as proposed in House Bill 1001, would make our communities and our state more attractive for the kind of investment that will create jobs for Hoosiers. In the end, Hoosiers and our local communities will benefit as business grow and companies bring new jobs to our state.

“I look forward to working together House and Senate leaders, as well as local officials, as we continue to advance these important reforms.”

Source: Office of Indiana Governor Mike Pence