Improving Indiana's Economy The 2011 legislative session has adjourned for the year and we worked hard to pass legislation which would improve our economy and lead Indiana toward continued growth and prosperity. Indiana's job climate is making our state one of the best places to do business in the country. Business leaders across the nation are beginning to see the potential that Indiana has to offer. Recently, Indiana was named the top place to do business in the Midwest according to Chief Executive Magazine and was ranked sixth nationwide. This is a big jump, because just one year ago, Indiana was ranked sixteenth in the nation. Through fiscal integrity and innovative thinking, Indiana is continuing to make itself one of the best environments to do business in. Many states are facing surmounting deficits and out of control spending. We worked hard to ensure that Indiana would be different by passing legislation which continues to make Indiana strong in economic development and preserves responsible spending. Our first step to fulfilling this goal was to pass a budget that was structurally balanced for fiscal years 2012 and 2013, not have a tax increase and provide for sufficient reserves. The budget we constructed will keep Indiana in the black and continue to make Indiana one of the most fiscally sound states in the country. The next step in keeping Indiana competitive in the job market was passing legislation to bolster economic development. One piece of legislation lowers the corporate tax rate from 8.5% to 6.5% over the next four years beginning in fiscal year 2013. Corporations saw Indiana's current tax rate as a hindrance, when they were looking to relocate because it was the highest in the Midwest. The new tax rate will make Indiana more attractive to businesses and competitive against our neighboring states. In addition to finding ways to bring new businesses to Indiana, we wanted to make it easier for businesses to start-up. The Venture Capital Investment tax credit program will be extended and increased. This tax credit is critical in providing startup capital for fast-growing businesses. We also created a one-stop shop for business and entrepreneurs when they are filing information and documents with states agencies. This bill will help these individuals get their businesses set-up faster and easier by cutting down on the red tape that currently provides hassles in this process. Other economic development legislation works to revitalize hard hit communities, many which have empty factories and warehouses, typically referred to as "dinosaur" buildings. Through improvements to the Industrial Tax Credit these buildings will not continue to sit unutilized. Employers will be able to defer upfront capital costs for rehabilitating these facilities. These initial costs often prevent business from starting up and this tax credit provides incentives to reuse these dinosaur buildings. The third step is to get out into our local communities and work to make our districts desirable and competitive. Recently, went on an economic development tour with the Indiana Economic Development Corporation. The main focus of the tour was to foster unity among our communities, so that our district can better capture businesses looking to relocate or expand. We met with local economic development corporations and local businesses to try and develop an economic development strategy that will make Southeast Indiana more desirable to businesses. Having strong economic growth and a sound economy are the top ways to improve our state. I want to see as many Hoosier working as possible and will continue to work hard to make that a reality for District 68 and our state. |
