STATEHOUSE (March 11, 2022) – State Rep. Craig Snow (R-Warsaw) recently voted in support of passing the largest tax cut in the state's history, sending the $1 billion tax-relief package to the governor where it could soon become law.
According to Snow, House Enrolled Act 1002 will drop the state's individual income tax from 3.23% to 2.9% over seven years. He said once fully phased in, Indiana would have one of the lowest income tax rates in the nation.
"As stewards of the people's money, it's so important to do the right thing and return it instead of irresponsibly growing government," Snow said. "Rising inflation is squeezing Hoosiers' pocketbooks right now, and this plan gives immediate and graduated tax cuts."
The bill co-authored by Snow will also help lower utility bills for Hoosiers and businesses by eliminating the 1.46% Utility Receipts Tax currently paid on electricity, natural gas, water, steam, sewage and telephone bills.
Snow said once both tax cuts are fully implemented, Hoosiers would save over $1 billion a year.
"Because of years of fiscal prudence, Indiana finds itself in an enviable position," Snow said. "We've been incredibly smart and responsible with our money, and even put into the state's constitution that we must pass a balanced budget. That's the exception around our country, not the rule. Hoosiers are better off because our state lives within its means, saves for a rainy day and invests in the future."
He said the legislation includes using reserves to make a one-time, $2.5 billion payment toward pre-'96 teacher pension obligations. This comes after Indiana has paid down well over $1 billion in debt over the last year alone.
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State Rep. Craig Snow (R-Warsaw) represents House District 18, which
includes Wabash County and portions of Kosciusko, Grant and Miami counties.
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PHOTO CAPTION: State Rep Craig Snow (R-Warsaw) discusses proposals for new laws with a fellow legislator in the House Chamber Thursday, March 3, 2022, at the Statehouse. Snow recently voted in support of passing the largest tax cut in the state's history, sending the $1 billion tax-relief package to the governor where it could soon become law.
