Wednesday, January 18, 2023
In Indiana, we view ourselves as a strong competitor in attracting and retaining talent and business. In fact, many publications have named us among the most affordable, lowest taxed and financially strong states.
In 2022, the General Assembly passed a law to cut Indiana's income tax to 2.9% by 2029, which would tie us with the lowest rate in the nation among states with an income tax. Currently, seven states don't have an income tax, and Senate Republicans are eyeing transformational changes to our tax system as we look to the future.
Senate Bill 3, a caucus priority, would establish the State and Local Tax Review Commission to study other states to see what works, what doesn't and what would work for us.
Indiana's good financial standing didn't happen by accident or overnight – it took years of fiscally responsible choices and consensus building. Senate Republicans will continue this track record and look for more ways to improve our state's impressive financial standing and keep hard-earned money in Hoosiers' pockets.
Learn more about SB 3 and other bills filed this session, here.