Note to the Press – House Speaker Todd Huston (R-Fishers) provided the following statement after House and Senate lawmakers passed House Enrolled Act 1002 providing tax relief to hardworking Hoosiers. If signed into law, the bill will drop the state's individual income tax from 3.23% to 2.9% over seven years. Once fully phased in, Indiana would have one of the lowest income tax rates in the nation. 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. Huston said once both tax cuts are fully implemented, Hoosiers would save over $1 billion a year. Huston said the legislation also includes using reserves to make a one-time, $2.5 billion payment toward pre-'96 teacher pension obligations.
STATEHOUSE (March 9, 2022) – “Our state is in a historically strong fiscal position and revenues continue to outpace expectations. I'm excited about providing much-needed tax relief to hardworking Hoosiers. In Indiana, we've recently paid down over $1 billion in debt and we're projecting a record $5 billion in reserves. Hoosiers are facing rising inflation and now is the time to put money back into the pockets of those who earned it. House Bill 1002 marks the largest tax cut in state history and makes a significant payment toward paying down the state's pension obligations, which will provide legislators with tremendous flexibility moving forward."
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House Speaker Todd Huston (R-Fishers) represents House District 37, which
includes portions of Hamilton County.
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