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Indiana House, Senate leaders agree on package of business tax cuts

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Tuesday, March 11, 2014 - 6:06 pm

INDIANAPOLIS — House and Senate Republicans have crafted a compromise package of tax cuts for businesses in the state.

The plan makes new cuts to the state's corporate and financial institutions taxes. It also gives counties the option of eliminating the business equipment tax for small businesses and for any new purchases or new companies that relocate to Indiana.

GOP leaders announced the package Tuesday afternoon, a few days before lawmakers are set to wrap up the legislative session. It immediately drew criticism from lobbyists for Indiana's local governments, who stand to take budget hits under the plan.

The compromise plan exceeds the cuts that the Senate and House initially sought, but it is still a fraction of what Gov. Mike Pence sought when the session opened.