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Gov Pence May Get A Bigger Tax Cut

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It looks like Indiana lawmakers will give Gov. Mike Pence a piece of the $500 million cut to the personal income tax he has been seeking. House and Senate budget leaders said they plan on approving a $500 million package of tax cuts as part of the biennial budget, but how much each cut will comprise has yet to be determined. 

The news came as state revenue forecasters released new estimates that the state will collect $290 million more than expected in the coming years. 

A slowly improving economy contributed to the more optimistic estimate, even as proceeds from the state's gambling industry decline amid new competition across state borders. 

House Ways and Means Chairman Tim Brown, R-Crawfordsville, said he sees cuts to the personal income tax, corporate income tax, inheritance tax and financial institutions tax all being included in the final budget. 

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