Many of the more than 200 bills approved this year by the Indiana General Assembly and signed by Governor Mike Pence will go into effect Tuesday. Some could have a significant impact on the state's economic climate, including a phased-in corporate tax rate cut. Indiana Fiscal Policy Institute President John Ketzenberger says legislation involving studying the fiscal health of regional areas and loan assistance for those pursuing teaching degrees in science, technology, engineering and math fields will also kick in Tuesday. He says it would be an “understatement” to characterize recent legislative sessions as “pro-business.”
A new law to phase-down the state's business personal property tax was also passed in this session. Counties will be able to opt-in to the cut. It will not take effect until the beginning of next year.
Ketzenberger believes it can gradually help make the state more competitive.
He says some counties have a more “heavy reliance” on the tax than others, which could theoretically present competitive circumstances for cities located on bordering counties.
You can view details of legislation approved during the 2014 General Aseembly by clicking here.
Source: Inside INdiana Business