E-News 10-6-23
STATE GOVERNMENT RELATIONS
Lawmakers May Nix State's Income Tax
Indiana lawmakers are considering eliminating the state individual income tax as part of its review of Indiana's tax structure. Lawmakers are already phasing down the state income tax – by 2027, Hoosiers will pay 2.9% on earned income, down from the current 3.15% rate. But someone making $50,000 a year would save an additional $1,450 a year if income tax was thrown out altogether. It also would mean Indiana could lose out on the almost $8 billion annually. That’s more than a third of the state's total tax revenue. If...