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[s20] Sen. Kenley Commends Signing of State Budget
Start Date: 5/9/2013Start Time: 12:00 AM
End Date: 5/9/2013End Time: 11:59 PM
Entry Description

STATEHOUSE (May 9, 2013) — State Sen. Luke Kenley (R-Noblesville) today commended Gov. Mike Pence’s signing of the new state budget that creates a strong foundation for Indiana’s future. Kenley, who chairs the Senate Appropriations Committee, said he is pleased with the two-year fiscal plan, which 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.

 

“This honestly balanced state budget continues our commitment to fiscal responsibility and holds the line on spending,” Kenley said. “It incentivizes excellence in our public schools, funds local and state infrastructure, and encourages Hoosier job growth. This is a budget Hoosiers can be proud of.”

 

Highlights of the 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

·         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

 

-30-

Contact Information:
Name: Paula Freund
Phone: (317) 232-7184
Email: pfreund@iga.in.gov
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Entry Type:
Press Release
Entry Category:
  • Announcements
  • IN.gov Category:
  • About Indiana
  • Agency Name
    Senate Republican Caucus

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