[r20] Rep. Dermody delivers on promises (4/29/2011)

Friday, April 29, 2011

Start Date: 4/29/2011 All Day
End Date: 4/29/2011

Rep. Dermody delivers on promises

STATEHOUSE - The 2011 legislative session has been a session of historic challenges and historic accomplishments. Despite the road bumps presented this session House Republicans have delivered on the promises they made in 2010. State Rep. Tom Dermody (R-LaPorte) along with other House Republican legislators presented the 'Strengthen Indiana Plan' in Sept. of 2010. Unlike many political pledges, everything that was promised in 2010 was successfully delivered through legislative action this year.

"It was a very interesting yet highly productive session. At the end of the day we are able to say that we lived up to the promises we made of strengthening Indiana on a number of fronts," said Rep. Dermody.

"In September we told the public what we intended to do if elected - we stated how budgets would be balanced, how taxes wouldn't be increased, how families would be empowered, and how schools would be improved.

"We committed to an agenda, I am proud that we made and were able to deliver on our promises. Many of the key initiatives that we addressed are already being recognized as landmarks not only for the State of Indiana, but in the United States," said Speaker Bosma.

Protecting Hoosier Taxpayers

House Republicans have repeatedly pledged to enact a responsible state budget which meets our critical needs with no tax increases. They cited in the past that with a fiscally sound budget comes predictability for both Hoosier taxpayers and Hoosier businesses. Since having made that announcement, Republicans were able to pass a fiscally responsible budget that does not raise taxes and retains adequate reserves to protect Hoosier taxpayers. Indiana now has an unemployment rate of 8.5 percent, which is below the national average. The state is continuing to attract jobs through a predictable tax environment.

In a rare announcement this session Speaker Bosma, Senator Long and Governor Daniels jointly announced that an additional $150 million will be directed to K-12 education. This announcement came after an updated revenue forecast showed that the state will receive more than what was projected under prior forecasts.  The increased revenues in addition to prudent reserve balances prove that the disciplined financial efforts by Republicans in the General Assembly and the Governor are paying off for the State of Indiana.

"We passed a balanced, responsible budget that will balance the state's spending without the need to raise taxes," said Rep. Dermody. "We were even able to send a little extra money to our education funding which is great news for our children."

Promoting Hoosier Job Creation

The Strengthen Indiana Plan focused on key elements that promote job creation and incentivizes employers to grow and relocate to Indiana. Start-up capital for budding businesses has now been made more accessible by enhancing the Venture Capital Investment tax credit.

House Republicans provided tax incentives to help revitalize hard hit communities that have empty factories and warehouses sitting idle.  "Through improvements to the Industrial Recovery Tax Credit Hoosier employers will be able to defer upfront capital costs for rehabilitating empty factories. These costs often prevent new businesses from starting up and with the improvements to this credit businesses can repurpose the factories and hire Hoosiers," said Speaker Bosma.

In addition to economic incentives, House Republicans also made it easier for business to start up through legislation that will create a 'one-stop-shop', cutting the unnecessary red tape which will make creating a business more accessible to future employers. While other states have increased taxes on employers House Republicans joined the Governor and Senate Republicans driving down the corporate income tax.

"We passed a number of bills that promote a great economic climate to attract businesses and jobs to Indiana and our communities. It is important that we help out the struggling businesses in our state and attract new ones as well so that we can create and maintain as many jobs for Hoosiers as possible," said Rep. Dermody.

"I am very pleased with what we accomplished this session and that we were able to finish the people's business in a timely fashion without the need for a special session. My colleagues in the General Assembly and I all worked very hard this session and it has really paid off. We want Indiana to continue to lead the nation out this recession and to thrive, for all Hoosiers," said Rep. Dermody.