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[s7] Sen. Hershman: Indiana Tax Climate 10th Best in Nation
Start Date: 10/9/2013Start Time: 12:00 AM
End Date: 10/9/2013End Time: 11:59 PM
Entry Description

STATEHOUSE (Oct. 9, 2013) The nation’s leading independent, non-partisan organization on federal and state tax policy research recently named Indiana as one of the best states in the nation for business tax climates, said State Sen. Brandt Hershman (R-Buck Creek).

 

The Tax Foundation recently released its 2014 State Business Tax Climate Index, placing Indiana on the top 10 list for the first time. The Hoosier State ranks as the 10th-best state tax system, ousting Texas from that spot.

“Texas has been a top ten state in the Index for several years, but this year was ousted by Indiana, which has made steady strides to improve its code in recent years,” the report said. “Indiana has been in the process of phasing down its corporate income tax rate from a rate of 8.5 percent in fiscal year 2012 to an eventual 6.5 percent in fiscal year 2016. By 2017, the individual income tax rate will fall from its current 3.4 percent rate to 3.23 percent. This year, the state also eliminated its inheritance tax.”

Rankings were based on 100 different variables in five areas of taxation: individual income tax, sales tax, corporate income tax, property tax and unemployment insurance tax. Indiana ranked in the top 15 states for all of these categories, except corporate income tax.

 

Hershman said this recognition confirms Indiana is taking the right steps to improving economic conditions for both families and businesses.

 

“Our business-friendly tax climate continues to attract more investment to our state, which shows our efforts aren’t going unnoticed,” Hershman said. “The truth is that taxes matter to companies, and as we continue to improve our fiscal environment, I expect we will see these trends continue. That means more help for our steadily growing economy and more jobs for hardworking Hoosiers.”

 

The 10 best states in this year’s Index are Wyoming, South Dakota, Nevada, Alaska, Florida, Washington, Montana, New Hampshire, Utah and Indiana. To read the full report, click here.

Contact Information:
Name: Tracy Lytwyn
Phone: 317-234-9221
Email: tracy.lytwyn@iga.in.gov
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  • IN.gov Category:
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  • Agency Name
    Senate Republican Caucus

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