Fiscally Responsible Tax Cuts
The 2022 legislative session came to a close this week, and I am happy to see a number of important initiatives pass the General Assembly, including fiscally responsible tax cuts.
House Enrolled Act 1002 phases down Indiana’s income-tax rate to 2.9%, tied for the lowest rate in the nation, and could save Hoosier taxpayers up to $1 billion once fully implemented. This phased-in tax reduction is contingent on state revenue continuing to grow, ensuring we are continuing to practice fiscal responsibility.
Hoosiers will also benefit from HEA 1002 repealing Indiana’s utility receipt tax in an effort to help combat rising utility costs.
Lastly, this legislation pays down pension debt in order to keep our promises to retired Hoosier teachers.
I am proud to have supported this effort and believe this, as well as other measures passed this session, will continue to push Indiana in the right direction.
Sen. Phil Boots represents Montgomery, Fountain, Parke, Vermillion and Warren counties and a portion of Boone County. He is one of the shareholders of The Paper of Montgomery County.