STATEHOUSE (March 15, 2022) — State Rep. Bruce Borders (R-Jasonville) recently voted in support of passing the largest tax cut in the state's history, sending the $1 billion tax-relief package to the governor where it could soon become law.
House Enrolled Act 1002, co-authored by Borders, will drop the state's individual income tax from 3.23% to 2.9% over seven years. Borders said once fully phased in, Indiana would have one of the lowest income tax rates in the nation.
"I know how hard Hoosiers work to earn a living," Borders said. "They deserve to keep more of their money and decide for themselves the best way to save and spend it. I joined my fellow Republicans in prioritizing these tax cuts, and will continue to advocate for a state government that lives within its means."
The bill will also help lower utility bills for Hoosiers and businesses by eliminating the 1.46% Utility Receipts Tax currently paid on electricity, natural gas, water, steam, sewage and telephone bills.
Borders said once both tax cuts are fully implemented, Hoosiers would save over $1 billion a year.
The legislation also includes using reserves to make a one-time, $2.5 billion payment toward pre-'96 teacher pension obligations. This comes after Indiana has paid down well over $1 billion in debt over the last year alone.
House Enrolled Act 1002, a priority for Republican lawmakers, comes as the state's budget reserves are expected to hit a record $5 billion at the end of fiscal year 2022. As revenues continue to outpace expectations, Hoosier taxpayers can expect a $125 refund this spring as part of a combined refund of over $545 million. A new law supported by Borders will ensure the maximum number of Hoosiers qualify for the refund.
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State Rep. Bruce Borders (R-Jasonville) represents House District 45, which includes
all of Sullivan County and portions of Vigo, Greene, Knox and Daviess counties.
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CAPTION: State Rep. Bruce Borders (R-Jasonville) from the podium in House Chamber voices his support for tax cuts Wednesday, March 9, 2022, at the Indiana Statehouse. Borders co-authored the $1 billion tax-relief package now in the hands of the governor where it could soon become law.
