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The business tax cuts will reduce local property tax collections all over the state, where local government is already struggling to survive the latest round of local government tax cuts pushed by the state. This is fiscal irresponsibility by the state. How would the state respond if local government leaders had the ability to promise “tax cuts” and then deliver them by reducing state income, sales and other taxes and fees?
Nothing like NEVER OWNING your equipment. Tax, tax, and tax some more. There is no incentive to grow as the yearly penalty will haunt you forever
Both are excellent points. None of it makes sense.
About time.
Idle equipment, no matter its age, is not productive and therefore a tax should not be incurred. Therefore, get rid of the business tax on equipment and replace the revenue with a state gross receipts tax.
It’s lovely that, yet again, all the Indiana legislature has to offer in terms of economic development is more tax cuts and more financial “incentives” (like a bribe) to encourage businesses to move here.
We’d all be better off if the state would invest in our schools and infrastructures and build great places throughout Indiana. The READI grants were a fine start but they can’t be all that is on offer.
Or, we can offer remote workers from out-of-state money and they’ll move to Indianapolis or the donut counties and the rest of the state will continue to rot. None of them are moving to Terre Haute or Logansport or Portland or Rushville or Kokomo.
This is a sad time to read about business tax cuts. Is there nobody who can be creative? Infrastructure, schools, health, assistance to “raise people up to a living wage, as well as improve their lives!! I respect Governor Holcomb, but this is a bit much. There must be a better way.
At a time when the cost of goods and service are going up for the average taxpayer, where is tax relief for us so we might have a chance to spend money at these “new businesses” while we continue to carry the burden of funding our kids schools, infrastructure and sports etc.. The robbing Peter to incentivize Paul is a tired Republican strategy.
If you want to attract business to the state, you have to do things that will make people want to move here. No big corporation is going to move to Indiana if nobody wants to move to Indiana. We are already a very competitive state as far as taxes go. This “low tax low service” model has proven to not work in northern states.
If the state is hell bent on decreasing taxes, lower sales tax. That will help all consumers and all retail business. Aside from that (and this is what’s ironic) the businesses will come when the state starts catering to its people instead of existing businesses.
Cutting taxes to the bone does not make Indiana more desirable.
Soon enough, Indiana State government will be paying the taxes of businesses for them.
Whoops! They are already doing that!
Business Socialism: Redistributing Your Tax Money for Their Business!