GOP candidate Wallace outlines $500M economic plan

Republican Jim Wallace said Thursday that if elected governor, he'll push a plan to spend a half-billion dollars in state money on improving Indiana's roads and bridges and expanding and creating tax credits for businesses.

In addition to infrastructure improvements, Wallace said he'd use money from the state's cash surplus to expand a tax credit employers receive for creating new jobs and to create a new credit for businesses that develop around research done at Indiana universities.

He said he believes the state will have enough of a cash surplus to fund the $500 million plan.

"I've talked to state legislators about us creating a priority of expenditures, again the primary test being how many jobs are attached to the accomplishment," Wallace said, noting that he's run the plan by Senate President Pro Tem David Long, R-Fort Wayne, and House Speaker Brian Bosma, R-Indianapolis.

Wallace added the caveat that he has not found any lawmakers to sponsor his proposals yet and that they could easily be crowded out by the upcoming debate over "right-to-work" legislation.

Wallace is also seeking to expand land-based casino gambling, calling it a natural step for Indiana which has the third-largest gambling industry behind Nevada and New Jersey.

Wallace is running in the Republican primary against Rep. Mike Pence. Former Indiana House Speaker John Gregg is running as a Democrat and former "Survivor" star Rupert Boneham is running for the Libertarian Party. Gov. Mitch Daniels is term-limited against running for re-election next year.

A Pence spokesman declined comment. A Gregg spokeswoman did not immediately return a request for comment.

Specific ideas from both campaigns have trickled out in stops and starts over the last half year. Pence said he will push to lower the state's personal and corporate income taxes and repeal the inheritance tax. Gregg has said he would focus on developing a wind-energy manufacturing industry in Indiana if elected and change state contracting rules to favor Indiana workers.