INDIANAPOLIS (AP) — Indiana House and Senate lawmakers are drawing closer to a compromise on a package of business tax cuts.
A pair of legislative panels approved changes Tuesday for competing House and Senate tax measures which would cut taxes on business equipment and corporate earnings.
The new House and Senate proposals would both approve “super abatements” — allowing local government to exempt specific businesses from paying property taxes on equipment for up to 20 years. They would also cut the state’s corporate income tax from 6.5 percent to 4.9 percent.
But the two sides are still split on whether counties should get the option of eliminating the equipment tax on new purchases.
The proposals follow Republican Gov. Mike Pence’s request that lawmakers pass some level of business tax cut this session.