Brought to you by WBIW News and Network Indiana
Last updated on Thursday, February 6, 2014
(STATEHOUSE) - Legislators won’t write a new state budget until next year. But many of the most significant bills of this year’s session could affect that budget’s bottom line.
So far, the House has approved an expansion of financial aid for preschool, a new adoption tax credit, and an increase in the personal deduction, while the Senate has approved a new incentive fund for teachers.
House Speaker Brian Bosma says legislators are watching the price tags, and says he's confident the state can afford what's been proposed.
The biggest tax cut bill of the session wouldn't affect the state budget much. Money from the business personal property tax, which Republicans want to cut, goes to local governments, not the state, although the Senate version of the bill includes a cut in the corporate income tax.
Bosma says leaders have been meeting with city and county leaders to make sure the final version of the cut doesn't blow a hole in their budgets.
The speaker says the point isn't to cut taxes for the sake of cutting them, but to craft "surgical" tax cuts which lead to more jobs. Democrats contend the business personal property tax changes would cut jobs, not create them.
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