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House Passes Business Property Tax Bill

The Indiana House passed a bill Thursday that would allow county governments to exempt new businesses from personal property taxes.

The bill that is a key item on Governor Mike Pence’s agenda will now go to the Senate for consideration.

Pence said that he wanted to eliminate the tax to spur job creation.

The tax is levied on business equipment and accounts for a large portion of local tax collections.

Opponents are worried how local governments would replace the lost revenue which could reach $1 Billion.