In addition:

• Indiana doubled the income tax deduction parents can claim for a new child.
  
  
• Members of the Armed Forces and National Guard will be totally exempt from state income tax on their military pay starting in 2024.
  
  
• Hoosier businesses, especially small businesses, will see over $50 million in federal tax savings through a new law making more LLCs and S corps eligible for a federal tax deduction already available to larger corporations.
  
  
• Indiana coupled the earned income tax credit to the federal credit requirements as of Jan. 1, 2023, which will make it easier for families to claim the credit in Indiana and save them an estimated $20 million per year.
  
  
• Going forward, the General Assembly will review our entire state and local tax system and consider ways to lower the income tax and/or property taxes on homes.

Indiana's new state budget increases funding for K-12 education by $2.9 billion over the next two years. Here are some of the key changes included within that $2.9 billion increase.

• Public schools can no longer charge families for textbooks and other curricular materials, saving Hoosier parents hundreds of dollars per year.
  
  
• Under the school funding formula, schools are seeing increased per-child funding for every student they teach, with targeted increases for special-education students and high schoolers enrolled in high-wage, high-demand vocational courses.
  
  
• Under HEA 1591 from the 2023 session, school districts must spend at least 62% of their state tuition support funding on teacher pay and benefits. Teacher salaries will be locally bargained under the new budget until later this fall, and we should see school districts raising pay and/or increasing benefits for their teachers.
  
  
• The state provided an extra $700 million to pay down the unfunded liability for our largest teachers' retirement pension fund. This move is a win-win for retired teachers and all taxpayers. By putting an extra $700 million toward this fund, we are moving up the date for when the pension will be fully funded, showing that Indiana is keeping its financial promises to teachers and ensuring Hoosier taxpayers won't be on the hook for this pension liability years into the future.
  
  
• The budget provides an $11 million increase for Secured School Safety Grants, which help school districts cover a wide array of safety-related costs.

Last year, my fellow lawmakers and I heard loud and clear from the agricultural community that state agencies were going too far in regulating land development under a state law that requires permits for work done in a floodplain. Some landowners found themselves blindsided to learn that their land had been deemed to be in a floodplain even with no history of flooding, restricting what they could do on their own property.