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Senate Republicans Propose Tax Cut

Indiana State House
Indiana State House

Republicans in the Senate have put forward a bill that they say will spur economic development by cutting two taxes on businesses.

Under Senate Bill 1, small businesses that own less than $25,000 worth of business equipment would be exempt from paying personal property taxes.

The bill would also reduce the corporate income tax rate from the current 7.5 percent to 4.9 percent by July 1, 2019.

The announcement comes one day after House Republicans released a plan that would give counties more authority to eliminate the personal property tax locally.

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