[r88] SEA 1 signed in to law (3/25/2014)

Tuesday, March 25, 2014

SEA1_Speaker and Gov
Start Date: 3/25/2014 Start Time: 4:45 PM

STATEHOUSE – House Speaker Brian C. Bosma (R-Indianapolis) joined the governor as he signed a House Republican agenda bill, improving Indiana’s pro-business tax climate. House Republicans have championed multiple tax cuts throughout the Speaker’s tenure. 

Senate Enrolled Act (SEA) 1 allows counties to decide whether to exempt new investments on business equipment from the personal property tax, to grant small business exemption and to give extended abatement to select projects. Additionally, the legislation lowers the state’s corporate income and financial institutions tax rate to 4.9 percent. 

“Indiana must continue to be innovative and look for every opportunity to stay ahead of the competition. By providing counties additional options to attract new jobs, our state’s economy will be stronger,” said Speaker Bosma. 

House Republicans advocated incorporating local options into SEA 1. Local options give counties the opportunity to exempt the tax, based on their specific community needs. 

“The tax exemption will make Indiana competitive with other states. When phased in, Indiana will have the second lowest corporate income tax rate in the nation,” said Speaker Bosma.