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Committee hears testimony on bill to cut individual income tax by 0.5% on revenue triggers starting 2030
Summary
Senate Bill 451, presented to the Ways and Means Committee, would reduce Indiana's individual income-tax rate by 0.5 percentage points beginning in 2030 and every even-numbered year thereafter if state revenues exceed a 3% year-over-year growth threshold.
Senator Tim Holman presented Senate Bill 451, which would set a conditional plan to reduce Indiana's individual income tax rate by 0.5 percentage points beginning in calendar year 2030 and again in subsequent even-numbered years if state revenues meet a specified growth threshold.
Holman described the bill as an effort to "keep Indiana in the game," saying the change is intended to maintain the state's competitiveness with peer states that have been cutting income-tax rates. He told the committee the bill calls for a 0.5% reduction that would begin in 2030 and recur each even-numbered year "unless suspended by the general assembly in the odd numbered years."
The rate reduction would trigger only if revenues…
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