The Herald Bulletin

Evening Update

Local Business

November 19, 2013

GOP leaders may push to repeal business’ personal property tax

INDIANAPOLIS — Some Republican fiscal leaders are promising to take a “cautious approach” on a proposal to eliminate a business tax that provides nearly a $1 billion in revenue to local governments and schools.

On Tuesday, during an organizational session in advance of the 2014 session in January, House Republicans said eliminating or reducing the business personal property tax would be one of their top legislative priorities.

House Speaker Brian Bosma called on his members to pass legislation that would create a “fair” business tax policy that would line Indiana up with other Midwest states that have eliminated the tax that businesses pay on machinery, computers, furniture and other equipment.

Bosma said the other top priorities are expanding early childhood education opportunities for low-income families, closing the “skills gap” for Indiana workers, and finding more funding to repair the state’s crumbling infrastructure.

But that tax-elimination priority may be the hardest sell because of its potential to dramatically impact local governments and schools that use that tax revenue to pay their bills.

Bosma acknowledged that concern at a legislative preview on Monday, and his Senate counterpart repeated that Tuesday.

Senate President David Long said the state can’t afford to replace the nearly $1 billion in annual revenues that local governments would lose if the business personal property tax is eliminated.

“We should not be afraid to look at this, but we should absolutely go into this with the understanding that if we don’t do it right, it could have a negative impact, a serious negative impact on the revenues for local governments,” Long said. “We cannot be tone deaf to that and we must thoughtfully work through the issue to make sure that it’s done fairly and reasonably, if we do decide to do that.”

A study done last year for the Regional Chamber of Northeast Indiana on the impact of eliminating the tax found it could cause significant stress on local government budgets. The study found, for example, that eliminating the tax would cost Long’s hometown of Fort Wayne more than $9 million a year in tax revenues.

Text Only
Local Business
  • Charo Boyd mug [Duplicate] Charo Boyd: Social Security goes green on Earth Day and every day For years, Social Security has been at the forefront of offering convenient, easy-to-use, and secure online services. We, along with those we serve, have saved a lot of paper, shipping costs, and fuel — and cut back on a lot of carbon exhaust and pollution — by going online instead of doing things the old-fashioned, less efficient way.

    April 20, 2014 1 Photo

  • NWS - HB0420 - CATS Buses-09 City to replace CATS fleet With 7-year-old city buses registering 250,000 miles, Anderson is looking to replace its aging transportation fleet.

    April 20, 2014 1 Photo

  • NWS - HB0420 - Funderburk - 04 Man tries to restore father's tainted legacy When news broke earlier this month that the Anderson Dental Clinic had been shut down and several employees, including owner Sally Metzner, had been arrested, Mark Funderburk's main concern was the patients. "A lot of them kept going there because of my dad even after he passed away," he said. "And they didn't deserve this."

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Scott wise -TM Gaining an edge and spreading the word in 2014 Scott owner of Scotty’s Brewhouse with locations in Indianapolis, Muncie, Mishawaka and Bloomington, encourages business owners to interact with customers and use powerful tools such as Twitter, Facebook or even with a blog to their advantage.

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Amys Attic - TM Business Profile: Hidden treasures can be found here Amy's Attic Thrift Store, which opened April 1, offers a variety of different items including clothing, accessories, furniture, yard decorations and collectibles.

    April 19, 2014 1 Photo

  • Business People: April 20 A compilation of news items featuring members of the Madison County business community.

    April 19, 2014

  • NWS-HB0419-IvyTech-JC2.JPG Work begins on new Ivy Tech facility

    Motorists driving on East 60th Street near Columbus Avenue will notice heavy machinery working in preparation for a new educational facility in Anderson.

    April 18, 2014 2 Photos

  • Clark, Big Joe mug [Duplicate] 'Big Joe' Clark: Understanding the risks within fixed income investments Many retirees associate the concept of taking “risk” with the equity markets. However, as 2013 demonstrated, there is also principal risk in the fixed income arena if an untimely liquidation requires you to sell bonds and generate income.

    April 18, 2014 1 Photo

  • Heating assistance provided to 4,445 households Almost 5,000 households in Madison and Grant counties received assistance this past winter with their heating bills, members of the Central Indiana Community Action Program learned this week.

    April 18, 2014

  • Lapel obtains required number The Lapel Town Council finally has enough votes to move forward with its voluntary annexation of land south of the town.

    April 17, 2014

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide