Monday, January 8, 2024
Indiana continues to have one of the strongest economies in the nation.
In 2022, Indiana ranked as the fastest-growing economy in the Midwest and as the sixth-fastest growing economy in the U.S.
Additionally, more than 200 companies made commitments to either move to or expand in Indiana in 2023, investing more than $28.7 billion and creating more than 21,800 new jobs.
Hoosiers also have the third-lowest cost of living and fifth-lowest cost of doing business in the nation. Forbes also lists Indiana as the second-best state to start a business in 2024 due to our business-friendly environment and financial incentives for small businesses.
Senate Republicans continue to identify more ways to improve our state's impressive financial standing and make our economy work better for Hoosiers.
At the beginning of this year, the state's income tax rate fell from 3.15% to 3.05%. Under the 2024-25 state budget, Indiana's income tax rate will continue to fall until it reaches 2.9% in 2027.
Finally, the State and Local Tax Review Task Force will continue to meet as lawmakers look to identify and consider long-term ways to improve our tax system and economy so Hoosiers can keep more of their hard-earned money.
Impressively, Indiana has achieved all this while balancing our state budget for over a decade and continuously eliminating state debt.
As the 2024 session gets underway, Hoosiers can find more information about legislative calendars, agendas, vote tallies, proposed legislation and committee hearings at iga.in.gov.
