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The Indiana Senate has passed a bill that would give taxpayers a break if the state’s surplus is at least 10 percent of the budget.
Republican Gov. Mitch Daniels supports the proposal, and the GOP-led Senate approved it 34-16 yesterday.
But don’t expect tax credits any time soon. Indiana is struggling to keep its budget balanced this year, and state revenue collections are far below projections.
The last time the general-fund surplus was more than 10 percent of the budget was 2001, when it was 11 percent.
The bill now moves to the Democrat-controlled House for consideration.
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