“Today Hoosier taxpayers won a great victory. The agreement reached between our administration and legislative leaders will be the largest state tax cut in Indiana history. The combination of a 5 percent individual income tax cut, inheritance tax repeal and additional tax relief for businesses is the right tax relief at the right time and will give a much needed boost to working families, small businesses and family farms.
I am grateful for the leadership of Senate President Pro Tem David Long, Speaker Brian Bosma and other key fiscal leaders for working diligently with our administration to craft this historic package of tax relief. Their efforts demonstrate the commitment of the General Assembly to put taxpayers first.”
■$215 million per year increase for roadwork, plus $200 million per year for a reserve fund for future work.
■A 2 percent increase for K-12 education funding in 2014 and 1 percent in 2015, plus $30 million in additional money will be provided for high performing schools and $300 million to a tuition reserve fund .
■$70 million to pay back bonds at the Indiana State Museum, and $58 million for the Forensics and Healthy Science Labs.
■$206 million for new university projects and $66 million per year for university performance funding.
■$250 million to a reserve Medicaid contingency fund. It authorizes the governor to negotiate an expansion of Medicaid through the Healthy Indiana Plan or a similar model with the federal government.
■$35 million for additional caseworkers and hotline improvement at the Department of Child Services — $5 million more than the Senate had proposed.
■a $120 million annual surplus and a $2 billion reserve.