INDIANAPOLISâ€” A group of lawmakers unveiled a compromise Tuesday on a plan to reduce business taxes in the state, giving local governments the option to enact the reductions that could impact their bottom lines.
The development on the business personal property tax comes days before the Indiana General Assembly is set to end by Thursday and with many key issues still unresolved.
A key lawmaker called the product a â€śvery strong mergerâ€ť of Indiana House and Senate plans that had taken separate paths to reduce the tax businesses in the state pay on equipment and machinery.
The compromise also maintains the reduction in the stateâ€™s corporate income tax found in the Senateâ€™s proposal.
Sen. Brandt Hershman, R-Buck Creek, said the plan reflects input from a variety of groups who testified on the proposals many of them mayors of communities that would have faced revenue losses in the event the entire tax was phased out and pauses the implementation of any new powers to reduce the tax.
While the General Assembly is required to adjourn by Friday, Republican legislative leaders have confirmed they are hoping the session will come to a close a day early.
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