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[s35] Sen Young: 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. Mike Young (R-Indianapolis) 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.

“An honestly balanced budget is the foundation for economic growth and job creation for our state,” Young said. “In Indiana history, no budget has invested as much money in K-12 education as we’re investing today. This budget saves for future needs in transportation and health care, while still paying down our debts.  All Hoosiers will enjoy tax relief in this plan. I’m proud to support our new budget.”

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 DCS 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

In addition to the budget, Young pointed out a few noteworthy bills that passed during the 2013 legislative session:

• HB 1006 – Criminal Code Reform
• SB 496 –  Control of ephedrine and pseudoephedrine

“The legislature has passed many important bills this session that will affect all public safety across the state,” Young said. “As the Chair of the Senate Committee on Corrections and Criminal Law, I am proud to have been a part of the efforts to improve Indiana’s criminal justice system.”

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

Contact Information:
Name: Brady Hagerty
Phone: 317-232-9425
Entry Type:
Press Release
Entry Category:
  • Announcements
  • Category:
  • Government
  • Agency Name
    Senate Republican Caucus

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