HB 1001 / Chamber Supports The Senate majority version of the two-year state budget has been released and will be considered by the full chamber this week. Senator Ryan Mishler (R-Bremen), chair of the Appropriations committee, offered a 201-page amendment stripping the bill of its House-passed contents and inserting new language. All other amendments were defeated along party lines [...]
The White House recently unveiled President Joe Biden’s budget for fiscal year 2024 and it includes several proposals aimed at investing in infrastructure, economic development, workforce needs and education, as well as lowering health care costs. The budget plan also includes proposals for tax increases on businesses and individuals, which are particularly concerning to the Indiana Chamber. The budget [...]
The House approved an amended version of the two-year state budget this week on a party-line vote. The House Republicans' budget appropriates approximately $43.3B for fiscal years 2024-2025. For comparison, Governor Holcomb’s proposed budget appropriated $42.9B for the biennium. Both versions of the budget anticipate healthy reserves at or above 10-12%. The Governor’s budget projected a structural surplus of [...]
Indiana Office of Management and Budget (OMB) Director Chris Johnston and State Budget Director Zachary Jackson recently presented Gov. Eric Holcomb’s FY 2024-25 budget plan (HB 1001) to the House Ways and Means Committee. The budget is balanced and provides flexibility in both years for the General Assembly to fund the Governor’s priorities and add in their own. The [...]
“Indiana is on solid footing.” That’s how the economist giving Indiana’s economic forecast to the State Budget Committee last Thursday opened his presentation. The economist offered a positive outlook, pointing out that all key economic indicators (payrolls, unemployment rates, wages, incomes and consumer consumption) are encouraging. It is largely that positive view that lays the foundation for the revenue [...]
$462.9M, $862.3M, $1,104M. These are the numbers that can be added to what is projected in tax collections for fiscal years 2021, 2022 and 2023. This is how much more money the Indiana revenue forecasters are now projecting over what was outlined in their December 2020 forecast. The amount totals $2.4B in “new” money that the budget-makers could include [...]
$462.9M, $862.3M, $1,104M. These are the numbers that can be added to what is projected in tax collections for fiscal years 2021, 2022 and 2023. This is how much more money the Indiana revenue forecasters are now projecting over what was outlined in their December 2020 forecast. The amount totals $2.4B in “new” money that the budget-makers could include [...]
HB 1001 – State Budget Authored by Rep. Tim Brown (R-Crawfordsville) The budget bill appropriates money for the operation of the state, K-12 and higher education, the delivery of Medicaid and other services, and various other distributions and purposes. Chamber position: Support in Part The latest: The Senate Appropriations Committee finished reworking the House budget bill yesterday. Basically, it spends the [...]
Last week, Senate leader Rod Bray (R-Martinsville) indicated the e-liquids tax proposed in the Senate’s version of the budget would bring that segment in line with the traditional cigarette tax. Unfortunately, the Senate Republican amendment adopted yesterday in committee absolutely does not do that. The tax on vaping products is only 10 cents per milliliter of e-liquids; that’s entirely insufficient and arguably [...]
(INDIANAPOLIS) — Indiana Chamber of Commerce President and CEO Kevin Brinegar comments on the “woefully inadequate” tax on e-cigarette products offered today in the state budget: “A tax on vaping products of only 10 cents per milliliter for e-liquids is entirely insufficient and arguably worse than no increase at all. Last week, Senate Leader Rod Bray indicated the e-liquids [...]
