Kokomo Tribune; Kokomo, Indiana

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February 6, 2014

Pence mum on plans to cut business equipment tax

Indianapolis — Indiana Gov. Mike Pence says he's working to improve proposals to cut the state's tax on business equipment, but he's keeping his ideas behind closed doors.

Pence told reporters Thursday that separate tax cut proposals approved by the House and Senate could use improvement to shield local governments from lost revenue. He refused to give any specifics.

The governor says cutting the equipment tax would make Indiana competitive with surrounding states that cut or lowered similar taxes.

His comments come on the same day the nonpartisan Indiana Fiscal Policy Institute released a report stating the equipment tax has little effect on whether businesses relocate to other states.

The House plan would give counties the option of eliminating the equipment tax, while the Senate proposal would eliminate it for small businesses.

 

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