• Facebook
  • Twitter
  • RSS
35°
Sunday December 21, 2014
View complete forecast
News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow17804.8026.65
Nasdaq4765.38
S&P 5002070.659.42
AEP59.89-0.09
Comcast57.170.88
GE25.620.48
ITT Exelis17.450.01
LNC58.420.86
Navistar32.870.66
Raytheon106.820.81
SDI19.760.22
Verizon47.02-0.03

Some worry about eliminating Indiana business tax

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Tuesday, December 10, 2013 - 3:10 am

INDIANAPOLIS — A proposal to eliminate Indiana's property tax on business equipment and machinery has many local government leaders worried about another big revenue hit.

The plan backed by Gov. Mike Pence would end a tax that now brings in about $1 billion as many cities and counties are dealing with budget troubles since statewide property tax caps were enacted five years ago.

Indiana Association of Cities and Towns director Matt Greller tells the Tribune-Star that local governments would need replacement sources of tax revenue or face cutting public safety or other vital services.

The Times of Munster reports House Speaker Brian Bosma says he supports allowing local governments to decide whether to eliminate the tax. He says that would help those communities attract more business investment.