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[s12] Senate Passes State Budget, Concludes 2013 Legislative Session
Start Date: 5/2/2013Start Time: 12:00 AM
End Date: 5/2/2013End Time: 11:59 PM
Entry Description
STATEHOUSE (April 27, 2013) — State Sen. Carlin Yoder (R-Middlebury) 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.

“Today we passed a balanced budget that provides tax relief to Hoosiers across Indiana, while continuing to invest in our schools and roads,” Yoder said. “This budget will help Hoosier families, small businesses and farmers keep more of their hand earned money – allowing them to continue contributing to our communities.”

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

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

Contact Information:
Name: Evan Eikenberry
Phone: 317-232-9498
Entry Type:
Press Release
Entry Category:
  • Announcements
  • Category:
  • Government
  • Agency Name
    Senate Republican Caucus

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