STATEHOUSE (April 8, 2014) - "The Tax Foundation's acclaim for Indiana’s recent tax reforms is just another sign that people around the country are taking notice of our state’s economic performance.
"Building on Indiana’s record of balanced budgets and pro-growth tax cuts, Senate Enrolled Act 1 will make our state more competitive for jobs and investment by lowering taxes on employers in a fiscally responsible manner. Having the second-lowest corporate income tax rate in the nation will put us at the top of the list whenever businesses are looking to relocate. It's no surprise that leaders in other states, like Illinois and Kentucky, have already called for similar reforms.
"The simple fact that 41 companies have fled the high-tax, high-regulation environment of Illinois to move their facilities and jobs to Indiana in the last few years is proof positive that what we are doing is working. I appreciate the Tax Foundation's recognition of Indiana's leadership."
The non-partisan Tax Foundation recently recognized Indiana's year-over-year tax improvements. This included reforms made through Senate Enrolled Act 1, which Hershman authored in the 2014 legislative session. The new law phases down the corporate income tax rate and gives local governments options to reduce the business personal property tax in their communities.
According to the Tax Foundation, the changes in SEA 1 will boost Indiana's overall business tax ranking from 10th-best in the nation to eighth-best.