Gov. Mike Pence is pretty good at putting lipstick on a pig. In his own words, he describes the actions of a legislature this year as "a job well done." True, if you're the beneficiary of special tax breaks and other giveaways to special interest groups to whom the legislature paid particular attention under the guise of "tax reform." Not true, if you're just an ordinary, working Hoosier desperately treading water and gasping for your last breath.
UPDATE: Here's what Gov. Pence calls tax reform that's good for all Hoosiers as described in HB 1001:
Specifies that if the acquisition cost of a taxpayer's business personal property in a county is less than $20,000 for a particular assessment date in 2016 or later: (1) the taxpayer is not required to file a personal property return for the taxpayer's business personal property in the county for that assessment date; and (2) the taxpayer's business personal property in the county is exempt from taxation for that assessment date . . .
Allows a designating body to grant a property tax abatement under the existing abatement laws for new business personal property that has an acquisition cost of at least $3,000,000. Specifies that if an abatement is granted for such new business personal property for a taxpayer: (1) the abatement may not exceed 20 years (rather than the standard 10 year limit on the abatement); (2) the percentage amount of the abatement deduction must be the same for all years in which the abatement is allowed; and (3) the designating body may waive the application of minimum valuation rules to that new business personal property for specified assessment dates or for all assessment dates after the installation of the new business personal property (and the waiver of the minimum valuation continues to apply to the property, regardless of whether the abatement ordinance is amended or repealed) . . .
Phases down the corporate income tax rate from 6.5% in 2015 to 4.9% after June 30, 2021. Phases down the financial institutions tax rate to 4.9% in calendar year 2023 . . .
Provides that a retail merchant engaged in selling bulk propane at retail in Indiana shall claim a credit in April 2014 equal to the sales tax paid by the retail merchant's customers after December 31, 2013, and before April 1, 2014, on that part of the price of bulk propane that exceeded $2.50 per gallon.He'll sign it into law, along with SB 176, which will raise our local income tax rates to finance the mass transit boondoggle his pay-to-play campaign contributors are clamoring to get started.