[r69] House Budget puts a premium on fiscal integrity

Posted by: Jay Wood  | Wednesday, February 20, 2013

STATEHOUSE – State Representative Jim Lucas (R-Seymour) supports the conservative principles that went into drafting the House Budget (HB 1001).

“The House Budget puts a premium on fiscal integrity,” said Rep. Lucas. “Our prudent conservative approach to maintaining healthy reserves will protect taxpayers in the possibility of another economic downturn. I appreciate the Legislature exercising discipline and will power by not letting taxpayer money burn a hole our pocket.”

HB 1001 protects an estimated $1.9 billion reserve by the end of fiscal year 2014 and $2.1 billion by the end of fiscal year 2015. While other states find themselves deep in the red, Indiana is maintaining its AAA credit rating without raising taxes or cutting essential government services.

While protecting healthy reserves, the House Budget also accelerates the phase out of the inheritance tax, also referred to as the “death tax”, saving Hoosiers nearly $300 million. Current law does not fully eliminate the death tax until January 1, 2022. However, our budget will fully eliminate the death tax on January 1, 2018. This acceleration will protect small businesses and family farms. It will also encourage Hoosiers to stay in Indiana after retirement.

“I support our budget because it keeps state government living within its means,” said Rep. Lucas. “We will leave the next generation with opportunities, not deficits.”

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Rep. Lucas (R-Seymour) represents portions of Bartholomew, Jackson, Jennings and Jefferson counties.