Kokomo Tribune; Kokomo, Indiana

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April 26, 2013

Ind. lawmakers set to approve budget deal, tax cut

INDIANAPOLIS (AP) — A state budget proposal that would cut Indiana's personal income tax 5 percent over the next four years and make slight increases in school funding faces final votes in the Legislature.

The votes expected Friday by the Republican-dominated House and Senate are likely formalities after legislative leaders and GOP Gov. Mike Pence reached a budget deal Thursday.

The compromise gives Pence half of the income tax cut he sought and includes immediately eliminating the state's inheritance tax.

Democrats say Republicans are shortchanging education by increasing school funding by 2 percent in the budget's first year and 1 percent in the second after big cuts were made during the recession.

An initial cut in income tax would take effect in 2015, with a second step in 2017.

 

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