The Indiana General Assembly passed the 2024-25 state budget, setting Indiana up for a bright road ahead.
Budget highlights include the following:
- $430 million in total tax savings for Hoosiers over the biennium, which includes accelerating the timeline of the state's planned individual income tax cut to 2.9%. This will now be fully implemented by 2027 instead of 2029.
- Almost $3 billion in new funding for K-12 education, including $1.2 billion in new tuition support, eliminating textbook fees and increasing the number of families who can utilize school choice.
- $225 to create an optional local public health grant counties can use to improve public health services, and $100 million to expand the state's mental health infrastructure.
- $3.1 billion to aggressively pay down the Pre-1996 Teachers' Retirement Fund.
- $95.3 million to increase pay for state police, conservation and excise officers.
- $6 million to support Hoosier veterans, including $2 million in new funding for veteran suicide prevention and $4 million for veteran career and relocation assistance.
- $500 million to help local communities with capital projects.
Senate Republicans understand it is important for our tax system to work well for Hoosiers, instead of the other way around. By crafting a well-balanced budget that responsibly funds beneficial services and works to keep money in taxpayers' pockets, Indiana will become a greater state in which to live, work and raise a family.
For more information about the state budget, click here.
