[r63] Balanced budget casts a bright future for Indiana

Posted by: Zach Weismiller  | Monday, May 6, 2013

In the early hours of last Saturday morning,  the 2013 legislative session came to close with the fall of the Speaker’s gavel. The applause rang out as my fellow representatives reached across their desks to shake hands and celebrate a winning combination of a balanced budget that addresses education needs, infrastructure, and provides stability for our state’s financial future. 

Over four months of work went into producing the budget bill, which passed with bipartisan support. As the Chair of the Committee on Commerce, Small Business and Economic Development, I was more than happy to cast my vote in the passing of a budget that will result in job creation and tax reduction.

There are a variety of tax cuts in this budget. Hoosiers will be happy to see the largest tax cut in state history from the passage of this budget. Additionally, the inheritance tax, also known as the death tax, has been totally repealed. This will allow more small businesses and family farms to stay where they should be – within the family. 

Families will also see income taxes reduced over the over the next four years by five percent. Businesses will benefit as well, with corporate income taxes and financial institution taxes being lowered to 6.5 percent. 

As I mentioned before, this balanced budget also provides stability for our state’s future. It will add $300 million to the Tuition Reserve Fund, providing the much needed ‘safety net’, for school funding in case the economy falls again. Healthy state reserves will also be maintained, with a balance of over $2 billion.

With all of this balanced relief to Hoosier families, it is obvious that we have set ourselves up to a bright future ahead. Indiana can look forward to continuing our path of job creation, economic stability and maintaining beneficial things like our state Triple AAA credit rating. As a legislator, I promise I will carry on making sure Indiana remains the best place to live, work, and raise a family.

I appreciate your contact over past four months of session – it is always great to hear your comments, concerns and opinions about what is most important to our district. Please continue to communicate with me during the summer months.

As always, you can contact me by phone at 317-232-9863 or by email at H63@in.gov. Be on the lookout for more information in the coming weeks on other legislation we have passed this session and have a great summer!