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[s45] Sen. Smith: Senate Passes State Budget, Concludes 2013 Legislative Session
Start Date: 4/27/2013Start Time: 12:00 AM
End Date: 4/27/2013End Time: 11:59 PM
Entry Description

STATEHOUSE (April 27, 2013) — State Sen. Jim Smith (R-Charlestown) lauded today’s passage of a new state budget that provides hundreds of millions of dollars in tax relief to Hoosier families. The two-year fiscal plan includes a 5 percent individual income tax cut phased in from 2015 to 2017 and provides increased funding for roads, child protection, K-12 and higher education. HB 1001 now awaits the Governor’s signature.

“Today’s passage of the state budget included large-scale, meaningful tax relief for Hoosiers,” Smith said. “This is a significant achievement that will enable small businesses, workers and families across the state to keep more of their hard-earned money and help fuel our state’s economy and job-creation efforts.”

Highlights of the honestly balanced budget include:

 Tax Relief and Job Creation:
o Cuts individual income tax rate 5 percent (3 percent cut beginning in 2015 and another 2 percent cut beginning in 2017)
o Eliminates state inheritance tax, retroactively effective to Jan. 1, 2013
o Includes funding for vocational education and workforce development initiatives

• Education:
o Increases K-12 funding by $333 million over the biennium (2 percent increase in FY 2014 and 1 percent increase in FY 2015)
o Increases university funding by more than $100 million per year
o Increases student aid by $75 million over the biennium

• Roads:
o Increases road and infrastructure funding by $200 million per year and sets aside another $400 million over the biennium for future transportation needs

•  Child Protection:
o Increases funding for the Department of Child Services by $35 million per year
o Provides $10 million per year for school resource officers (contained in SB 1)

• Health Care:
o Transfers $250 million in FY 2014 to the Medicaid Contingency and Reserve Account

• Paying Taxpayer-Funded Debt
o 100 percent of excess surplus in FY 2013 goes to Pension Stabilization Fund
o Pays back $91 million in charter school loan
o Provides $215 million cash funding for university capital projects

The Senate is now adjourned “sine die”— which signifies the end of the 2013 Indiana General Assembly.

-30-

Contact Information:
Name: Molly Johnson
Phone: 317-234-9133
Email: mjohnson@iga.in.gov
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Entry Type:
Press Release
Entry Category:
  • Announcements
  • IN.gov Category:
  • Government
  • Agency Name
    Senate Republican Caucus

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