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Pence signs Indiana business tax cuts into law

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Tuesday, March 25, 2014 - 3:36 pm

INDIANAPOLIS — Republican Gov. Mike Pence has signed into law a package of business tax cuts that he hopes will draw more business into Indiana.

The bill signed Tuesday cuts the state's corporate income tax and provides options for county leaders to reduce property taxes on business equipment. But it will still be a while before the changes take full effect: The corporate tax cut isn't completed until 2023 and the equipment tax cut will be on hold until mid-2015.

Pence had sought the elimination of the state's property tax on business equipment, but he faced strong opposition from local government leaders worried about losing a key source of revenue. The tax plan approved by lawmakers amounts to a portion of what Pence originally sought.