(INDIANAPOLIS) — Governor Mike Braun has signed Senate Bill 1, the property tax relief reform package, following its passage this morning in the Indiana Senate (27-22).
Comments Indiana Chamber of Commerce President and CEO Vanessa Green Sinders:
“This is landmark legislation for Hoosier employers and citizens – providing both near-term relief for homeowners, businesses and farmers while initiating long-term structural changes to the state’s property tax system.
“As a result, homeowners will benefit, and Indiana will create a more attractive climate for capital investment and support the continued growth of key industries.
“For two decades, the Indiana Chamber has championed modernizing the state’s business personal property tax structure, recognizing it is essential for us to maintain a competitive edge – particularly as neighboring states work to strengthen their own business environments.
“With the passage of SB 1, the Hoosier business community now will have reduced compliance burdens and be able to unlock investment across the state. And small- and medium-sized business owners in every corner will directly benefit from increasing the de minimis threshold and exempting new equipment from the 30% depreciation floor.
“We applaud the Governor, legislative leaders and lawmakers for helping to put Indiana in an even better position for long-term economic success.”
Background: Among its provisions, SB 1 will provide $1.3 billion in property tax relief for homeowners over the next three years and raises the de minimis threshold for business personal property tax from $80,000 to $2 million over the next two years, plus it exempts newly acquired property from the 30% depreciation floor.
NOTE: The Indiana Chamber’s public affairs team is available for interviews on policy matters and pending legislation. Please reach out to Matt Ottinger at mottinger@indianachamber.com or (317) 264-7541 with requests.
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The Indiana Chamber partners with 25,000 members and investors – representing over four million Hoosiers – to achieve the mission of “cultivating a world-class environment which provides economic opportunity and prosperity.”
